Australia housing prices, rents surge as supply shortage deepens

SYDNEY -- Like most seeking a place to rent in Sydney, Tanakit Phaopin is used to large queues. With vacancy rates hovering currently around 1.7% in Australia's largest city, and 1.3% nationally, rental inspections often draw dozens of aspiring tenants, whose entrances are staggered to manage the volume. 

"Every one lines up and they let four people in at a time," the university student and part-time swimming instructor said at a recent inspection in Sydney's Inner West, which was more subdued due to his visit being on a weekday. "It's so stressful, there's lots of competition."