Proof that the property market has completely jumped the shark.
How much would you be willing to pay to live in an old Iphone box?
What if I told you it had wifi and usb-chargers?
$300 bucks?
That’s the going rate, apparently.
In another sign that the Australian housing market is completely bananas, you can now rent your own personal coffin – sorry, capsule – in Sydney for $300 a week.
I mean, they are “ultra-modern single and double bed capsules”:
We are living in the future George Jeston:
“Experience the next generation of fresh, affordable long-term accommodation in Sydney. Secure your lease today and enjoy the perfect blend of comfort, technology, and unbeatable location”.
“Each capsule is equipped with multiple USB charging ports, power points, and a private keycard for access. Control your capsule’s air ventilation and store small personal items in an in-capsule safe”.
Wow. USB charging ports AND powerpoints. The features are too many to list, aren’t they?
But for me it’s just proof that the housing market is completely insane. Next time someone tells you that the market is going to crash or that rents are going to fall, point to this.
The businesses case for usb-powered battery cages only stacks up because the housing shortage in Australia is so unbelievably epic.
And you might think, well, this is just Sydney, And Sydney is Australia’s biggest city.
But where Sydney has gone, Brisbane is about to go. And so is Perth.
Don’t believe me?
Well, we got the latest construction figures last week.
In the year to March, QLD completed 33,900 dwellings. Assuming no dwellings were destroyed to make way for these dwellings (not a realistic assumption), that sounds like a decent amount of housing construction, right?
Only thing is, QLD added 141,400 people to the population in 2023.
Assuming 2.5 people per home, which is the national average, that means we needed 56,400 homes.
We didn’t get that. We got 33,900.
That is, the housing shortage in Queensland got worse (it was already bad) to the tune of 22,500 homes.
That’s a lot of homes and that’s just in a single year.
It’s the same story in WA. The population grew by 93,800, which equates to housing demand of 37,500.
But how many homes did WA get? Only 17,500 – a shortfall of 20,000 homes.
Again, that’s just in a single year.
Over the decade we’re talking about shortages to the tune of hundreds of thousands.
That’s why, as crazy as it is, capsule homes are coming to a future near you.
DB