Video of inspection reveals Sydney’s rental crisis

Footage has revealed the true extent of Sydney’s housing crisis, with a mind-blowing number of people queuing for a rental property.

Footage posted on social media has revealed the heartbreaking reality of Sydney’s housing crisis.

When a two-bedroom unit opened for inspection in Clovelly, in Sydney's eastern suburbs, on Saturday, a mind-blowing number of people queued to check it out.

The line snaked out and around the front entrance of the ground-floor apartment and continued along several neighbouring houses, with many of those waiting appearing to be young 20-something year olds.

ABC journalist Nick Sas uploaded the video onto Twitter, writing: “How’s finding a rental in Sydney going?

“I just saw close to 100 people inspect a 2-bed, $700pw apartment in Clovelly”.

How’s finding a rental in Sydney going?
I just saw close to 100 people inspect a 2-bed, $700pw apartment in Clovelly: pic.twitter.com/Bf2AhjAcGM

— Nick Sas (@Sasbites) October 22, 2022

He continued in another tweet: “To highlight the rent-buy difference in Sydney right now, down the road I counted eight people inspecting this 2-bed apartment (to buy). The agent was burning a jasmine candle and playing John Legend (I think) on a little speaker.”

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The crowd waited patiently. Picture: Nick Sas/Twitter

They were keen to check out the unit. Picture: Nick Sas/Twitter

The unit had been freshly painted, features a balcony, internal laundry and is located in a block of four.

It is also described as “art deco”, with high ceilings, built-in wardrobes and a “perfect blend of beachside appeal and village convenience”.

Photos of the property that was up for inspection. Picture: Property Management Specialists – Bondi Junction

Around 100 people lined up to see it. Picture: Property Management Specialists – Bondi Junction

One month ago, a similar sized crowd was spotted queuing to inspect a unit in the nearby suburb of Bondi, with onlookers describing the experience “like lining up to get into a nightclub”.

The line at the Bondi unit. Picture: Facebook

It comes as new data indicates that Sydney’s rental prices are surging, leaving would-be tenants unable to move into the market.

The PropTrack Market Insights report for September found the share of properties listed for rent on realestate.com.au for less than $400 per week had fallen to a record low of 10.6 per cent last month.

That’s a fall of almost 50 per cent, down from 20.1 per cent at the start of the Covid-19 pandemic.

PropTrack Director of economic research and report author Cameron Kusher said that as rental stress increases, the number of listings under $400 a week will reduce into 2023.

“Much of these rental stresses are a by-product of rental supply remaining the same as well as rapidly rising interest rates,’ Mr Kusher said.