While renters are queuing up and offering bribes to secure a home, there are as many as 48,000 dwellings unoccupied across the state, according to analyst BIS Shrapnel.
Some properties were reserved as holiday homes or undergoing renovations, however many owners were living overseas or sitting on the property while they waited for prices to rise following a record-long recession, BIS Shrapnel managing director Robert Mellor said.
