A year ago, a man was walking home in the city’s CBD from a work function when he bumped into a woman who had been standing on the corner.
She recognised him and took him to her place.
After a few hours, he told her he was staying at a friend’s house.
After that, the man was offered a house by the woman’s boyfriend, but he said he was not interested in renting it out.
Instead, he wanted to make it his own.
The man, who would only give his first name, was on his way to a job at a cafe, so he took the opportunity to live in a house he bought in his garage for $1,200 a month.
He was looking for a place to rent his own property and found a house at the end of a busy street that has since been sold.
Melbourne’s house market has been booming in recent years and is currently home to more than 1,200 properties.
According to an official at the Bureau of Statistics, about 200,000 properties are currently vacant.
“There’s a lot of people that have been renting out houses and I think that’s going to continue to be a problem for a while,” said Chris Bailes, the owner of a local furniture store.
He said he expected to see more people buying up houses.
“It’s going really well, it’s just not the market we want it to be,” he said.
“I’m hoping the market keeps going up and it stays that way.”‘
You could see the market’For the first time, a lot more people are buying up properties, according to Bailess.
A new property market in Melbourne is creating some challenges for the owners of properties that are currently under construction.
“You could even see the property market for a short period,” he told Al Jazeera.
“In Melbourne, if you’re renting out a house, it might go for two or three months and then it goes for one month.”
That’s a real problem.
“If you’re looking for another property and you’re not renting out your own house, then you might not see the price rise as much as you’d think.”‘
It’s just a temporary arrangement’For Bailys, it could be a permanent problem.
The woman’s friend bought the house for $8,000, but Bailens is waiting for the owner to sign a contract before moving in.
“They could have a short term contract and then come back in two months and say, ‘We’ve got a house.
We’re renting it’,” he said, adding that it could take up to three months for the new owners to complete their agreement.”
The problem is that we’ve got people renting out properties for $2,500 a month, so they can move into a house and that’s what I think is the real problem,” he added.”
Some people are going to do it for the temporary period and they may end up buying a house a year later and they can just get into the market and it’s not a permanent arrangement.”
But the problem with renting out homes, he said also, was the lack of regulation.
“When it’s a short-term arrangement, you could see how it might be a temporary solution to a problem and then if it’s permanent, you’re going to be facing some issues, but it’s an arrangement you’re making,” he explained.
The Bureau of Stats figures show that, in 2016, the vacancy rate was about 6.7%.
That means that, on average, there are fewer than 10,000 vacant properties in Melbourne.
But Bailese is hopeful that will change.
“People are taking more of a long-term approach and that could see it going down and I’m hopeful that it’ll be something that we can see through the next two or four years,” he agreed.
“This is a good time for people to get on the housing ladder and that will help with the rental market.”