Advertisement
‘Rent bidding’ to be banned as NSW grapples with housing crisis
12/12/2022
The ability to bid on rentals is expected to be outlawed by Christmas.
‘Rent bidding’ has been increasingly encouraged by real estate agents as the demand for properties reaches record highs.
High bids are causing the market to become increasingly unaffordable.
NSW Labor leader Chris Minns told Luke Grant too many people can’t afford to live in Sydney, compared to Queensland and Victoria.
“The median rental price in Sydney is currently $650 a week, compared to $570 same time last year, which is an increase of 14 per cent.”
Press PLAY to hear the full interview