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Comment by atum47 | Hacker News Reader

In relative values I've spent much more.

I rented an apartment in São Paulo 3 months before the pandemic. During the pandemic I kept paying my rent, even though I went back to my parents house (we thought it would be over soon). 6 months later the bank I was working for put us all in home office forever; so i had to terminate my contract with the company that rented me the apartment. The "fine" for terminating it before the 1.5 years in contract was R$ 7.000,00.

Based on what I make and what Meta makes annually, I've spent way more, haha.

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Ianal but pretty sure in most Australian states you can generally break lease but are up for the cost of advertising and any lost rent money between when you vacate and the next person moves in but the realtor must make every effort to relet the place (not that anyone should trust them unless they have to). Generally leases are 12 months, which means that the landlord can increase rent every 12 months, which is currently occurring w/ massive increases (I’ve heard 25-35%).

I’m not saying I’m better or worse, I just think that hearing different situations is interesting.

That's broadly untrue and fairly easy to verify.

1. Breaking leases usually incurs those costs + the remainder of the contact with some edge cases (e.g VIC[1])

2. Again VIC, rents increased on average by 5-15%, depending on th demand of the area[1] . 25-35% has probably happened, but isn't common.

[0] https://www.dffh.vic.gov.au/publications/rental-report

[1] https://www.dffh.vic.gov.au/publications/rental-report

I think your post downplays the severity of the issue. Your link suggests in Victoria the median rent has increased by 14%, which is a phenomenal amount.

I don't know what circles you are involved in but 25-35 % is consistent with for many of my cohort in Sydney. Although this is an anecdote, 35% from a right skewed distribution with median 14% is very possible.

The system is breaking and harming the most vulnerable

> I think your post downplays the severity of the issue. Your link suggests in Victoria the median rent has increased by 14%, which is a phenomenal amount.

I'm unsure how showing the percentage increase would be a downplay? I was pretty clear they are increasing, and at almost double inflation. This is very bad.

> I don't know what circles you are involved in but 25-35 % is consistent with for many of my cohort in Sydney.

Absolutely, Sydney is an abhorant place to live and always has been. You spend a lot of money on transport, rent, food - everything. I'm not sure that those living in Sydney though - the most expensive capital city in the country - would cross the venn diagram with our most vulnerable.

ACT increases are indexed to inflation. Great as a renter and for housing generally, annoying as a landlord.

Sorry which part is untrue? And while we’re at it, can you please disclose if you are part of or benefit from the real estate industry?

https://www.rta.qld.gov.au/breaklease

https://www.sa.gov.au/topics/housing/renting-and-letting/ren...

The point was breaking a lease did not incur the full cost.

I also never said ‘on average’, https://www.sbs.com.au/news/article/how-much-has-rent-increa... suggests an average of 11% - this is an _average_ not a maximum percentage. Im sure if you look hard enough you’ll find a place that’s reduced rent and another which was increased 1000%.

> And while we’re at it, can you please disclose if you are part of or benefit from the real estate industry?

No, not beyond the normal ways most people benefit (super, investments, etc). I don't work with or contract for the real estate industry.

> The point was breaking a lease did not incur the full cost.

That's interesting. I did look up Victoria and it was as I expected. I've rented all over the country (quite a while ago), so seeing that from SA and QLD was a surprise from me. I looked up the rest for fun:

WA (landlords discretion): https://reiwa.com.au/the-wa-market/resources/articles/can-yo... NSW (you pay X weeks based on percentage served as of 2020): https://www.fairtrading.nsw.gov.au/housing-and-property/rent... NT (landlords discretion): https://nt.gov.au/property/renters/moving-out/breaking-a-lea... ACT (landlords discretion): https://www.acat.act.gov.au/case-types/rental-disputes/termi... TAS (unclear, landlord must make reasonable efforts to find new leasee, but there appear to be a lot of loopholes): https://www.cbos.tas.gov.au/topics/housing/renting/ending-a-...

I'm not sure I agree with "most Australian states" here - by number or by population count - but there's definitely a trend in that direction.

> I also never said ‘on average’,

I know, but it was a bit misleading. I'm sure in low occupancy times there were places that increased rent by over 100%, but cherry picking it wouldn't be reflective of reality. I was simply clarifying to the non informed reader that the rent increases we're seeing - whilst high - are not as bad as that.

Bleak is the word you’re looking for. The trajectory of the rental market in AU is beyond terrifying: https://www.rba.gov.au/publications/bulletin/2023/jun/new-in...

It's one of many factors around inflation that are not good for Australian households. Unfortunately nobody seems interested in real wage growth to compensate.

Is Sydney still the literal most expensive place to live in the world in terms of housing price? I remember it gained that unfortunate crown years ago, am not sure if it’s still the case

Depends on who you ask I think.

It’s still up there.

Melbourne is giving it a good run for its money, and will soon overtake Sydney in population size.

Australian cities are confidently and regularly in the most liveable and most expensive cities in the world.

It would surprise me if it wasn't given my massive increases in rent paid, and absurd increase in advertised selling prices on basically everything.

That's also true in most US states, based on the (general) concept that breaking contracts is roughly limited to the damage caused by the breach.

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