A photo posted to Twitter has summed up the struggle of looking for affordable housing in Sydney in 2018. The crowd (pictured) lined up in Redfern to get a glimpse at the cheap rental property
A photo posted to Twitter has summed up the struggle of looking for affordable housing in Sydney in 2018.
The image shows hundreds of people queuing around a corner to inspect a rental property on Tuesday evening after it was advertised with low rent.
The two-bedroom apartment situated on Stirling Street in Redfern is being offered for $575 per week, an unusually low price for a place in inner west Sydney.
Twitter users were left ‘gobsmacked’ with one user saying: ‘Crazy! By train Arncliffe is 12mins from Redfern and you’d pay half the price for rent.’
Another shocked user said that the street on which the apartment is located, was once considered a dangerous area ‘a dude tried to mug me for my Nike’s near there in the early 90s. It was considered to be a no go zone….’
It’s no surprise that so many people turned up to inspect the property, as the cost of renting in Sydney has continued to soar.
According to Rent.com.au’s Rental Market Snapshot for February 2018, New South Wales capital remains the number one most unaffordable place in Australia for both apartments, and houses.
Median house rent rose 1.7% in February to $610/week.
The research also suggested that we won’t be seeing significant changes anytime soon.
‘It’s unlikely that we’ll see a significant drop in property prices this year, but cooling demand continues to affect the cost of apartments and houses.’
Another Economist Intelligence Unit’s study revealed earlier this year that Sydney is not only the most expensive city in Australia, but one of the most expensive cities in the world.
Beating London, and New York, the New South Wales capital was listed the tenth most expensive city to live in world wide.
Twitter users were left ‘gobsmacked’. One user shares his theory about the property’s low rent (pictured)
The two-bedroom apartment is being offered for $575 per week. The interior of the cheap rental property (pictured)
The inside of the cheap apartment on Stirling Street in Sydney’s Inner West (pictured)