|"Get 2 jobs" to pay the rent|
They say there's a shortage of rental properties, but there's not. Negative gearing means the gov pays the property owner a huge tax write off if the property doesn't turn a profit over the financial year, including if the property owner doesn't even rent it out. Indeed in inner Sydney there are large percentages of properties sitting vacant. The gov is paying people not to rent their investment properties.
Also, the investment properties all seem to be "luxury" apartments, being bought up mostly by investors. Well that's what we're seeing in eastern Sydney. Tearing down affordable places and building places that low income earners can't afford. All for the sake of investment properties that many sit idle without tenants. Property bubble anyone?
BTW, as I've mentioned many times here, David and I are currently paying 59% of our income in rent and have been on the Housing waiting list for four years now living like this. We've just completed a review form to try to get on the Priority Housing list and are awaiting that decision from Housing.