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A Perth resident has taken aim at property investors flocking in from interstate and driving up rental and house prices for locals.
The frustrated local revealed their rent had risen more than 50 per cent over the last year and a half and they had been locked out of the housing market.
Western Australia’s capital has seen a huge population boom in recent years and has attracted increased interest for its affordable property market.
The city is considered to have some of the lowest prices in the country, with a median house price of $735,276, which is considerably lower than Sydney’s $1,414,229.
Some 2.9 million residents call Perth home after the population grew 3.3 per cent in the year to September.
A Perth tenant has taken aim at property investors and Australians flocking to the WA capital (pictured) and driving up property prices and rents.
A surge in population and growing interest from interstate buyers have seen house prices rise 20 per cent over the past year.
The increase has had a big effect on tenants, with residents seeing an average increase of $80 a week, with some having to pay much more.
The outraged Perth resident took to social media to tell others not to move to the city as his rent increased by $260 a week in just a year and a half.
Having initially paid just $350 a week for rent in Perth, the resident blames property investors for the total $610 he shells out each week.
“I make a lot of money, but housing prices, along with everyday expenses, don’t allow me to save enough to buy a house,” he wrote in reddit.
“I have friends who have made offers, but investors always outbid them (between $50,000 and $60,000).”
The local then took aim at the rising cost of living affecting Australians, saying that “medical care is no longer billed in large quantities, food is stupidly expensive, same goes for fuel and utilities… What “What the hell are we supposed to do?”
The post caught the attention of locals who weighed in, many of whom claimed it was due to a number of issues such as housing supply and immigration.
“Immigration is a problem, no doubt, but the main cause of all this is the lack of housing supply,” wrote one user.
“Perth, and pretty much all of Australia, don’t have enough tradespeople to build enough housing at a decent price.”
“We have enough supply for owner-occupiers, but not enough for them AND all investors,” wrote a second.
He now pays $160 a week more in rent than he did a year and a half ago and cannot afford to buy a house, the costs of which have soared 20 percent in the last year (file image).
“If they could reduce demand for investment property use, then demand would fall and the supply we need to provide would reduce.”
Another said Perth was starting to lose its charm as a slower, quieter, more suburban city.
“There wasn’t much traffic in the morning, basic expenses weren’t through the roof (although inflation has definitely contributed to this), and the general atmosphere was nice and slow,” they wrote.
“Having lived in the east in the past, it scares me that Perth is slowly turning into Sydney or Melbourne.”