The rent threat !

A combination of circumstances is pushing those who rely on rental accommodation into making hazardous decisions. On the one hand, a scarcity of rental property is sending rents sky high - and there are indications that as this year progresses many will simply find such property unobtainable.
On the other hand, lenders are imploring people to accept no deposit, full asking price home loans to buy property - and because of lack of demand property prices have retreated from the boom of several months ago.
A logical conclusion is that renters - faced with a lack of suitable accommodation - should take the plunge and buy. For many, that would be an unwise step because as renters they are accustomed to the weekly rent being the end of the matter. As an owner they are faced with legal and stamp duty costs in transferring their new home into their name, and ongoing costs such as council rates and water and sewerage charges. The unwary can quickly find themselves mired in debt with the only escape being bankruptcy !
In Wollongong a new opportunity for those seeking accommodation is soon to appear. Magnificent Lake Illawarra has long been closed to the sea as low rainfall has failed to flush the lake and sand has barred the entrance to the sea.
Millions are being spent to construct rock training walls and a dredge is presently sucking sand from the channel to form a permanent entrance. Later this year that work is expected to be complete.
It must then occur to many that maybe their rental crisis can be solved by investing in a boat. There is a certain romantic atmosphere about living on the water and changing your address as often as you choose to drop the anchor - and Lake Illawarra is a vast stretch of water with numerous islands to provide shelter.
There are laws and requirements that apply to those living on boats, but once the lake is open to the sea a legal escape is available. By simply leaving the lake and sailing into the open sea at regular intervals for a few hours the vessel not only has the opportunity to flush it's toilet holding tank, but it also negates those laws which apply to permanency.
No doubt officialdom will tighten those laws if sufficient people choose to live on Lake Illawarra, but for renters the future is far from clear - and we can expect the spirit of innovation to shine brightest when the renting scenario is at it's darkest !