not realy true...having looked around sydney recently with some friends i came to realisation that what people are struggling to find is a DECENT place to live without paying a whole wage to live in it !
there's plenty of DUMPS around ...BUT...the property gives such a bad return that OWNERS refuse to spend a single dollar on maintanance (which would reduce already miserable returns) so the places are mainly of a third world standards !!! fresh paint is considered TOTAL RENO for a "rental"...
THAT doesn't fly any more...and that's why there's "alleged" shortage of rental properties !
as we speak there's 2000 properties listed in northern parts of sydney (that's vacant ones with very little chance of being taken any time soon. if they were decent or not hugely overpriced they would've been taken already!)
what are the chances that it's not the same in melbourne?
2% return? what an investment !!! bring on the crash !!!
