“Rent money is dead money,” explains owner of $5m Sydney apartment purchased by his dad

OWNER OCCUPIER: As the rental crisis tightens its grip on tenants around the country, a local man has been schooling his friends about Sydney’s property market.

“Guys if you’re still renting, you’re literally throwing money down the toilet,” Marcus Tanner said. “Rental supply continues to dwindle and prices will keep rising.”

“Renting is a shortsighted strategy. You need to take a longer view, especially if you want to keep living in Sydney.”

But DBT can reveal that Marcus Tanner’s ‘long view’ strategy was made considerably easier by the fact that his $5 million Double Bay apartment was purchased by his father.

“I’m actually thinking of buying an investment property as well now,” Tanner told his friends. “If you don’t own property you’ll get priced out of the market.”

“You might have to move out to a regional area, like Glebe or something.”