Read an article in our local paper by someone who had been trying to rent in Melbourne. The article said it is really competative, there are rental 'home opens' (bit like when a house for sale), - about 40 other people turned up, and at a recent home open (for rent) in St. Kilda around 80 people attended in 15 mins.
As a result, there is fierce competition and rental prices are soaring - "the rules unspoken and the tactics ...increasingly dirty", with several real estate agents suggesting people offer more than the asking price on the application form.
The Real Estate Institue of Victoria has apparently stepped in to stop agents from starting the bidding process - releasing guidelines under which they could be fined for doing so.
This probably won't stop the bidding wars as agents are still allowed to accept offers above the asking price.
Ali
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