Luxury or Lunacy? Sydney Real Estate Duo Defend $1450 Weekly Rent Amid Cost-of-Living Crisis

Two Sydney-based real estate agents are under scrutiny after going viral on social media. The duo filmed a video celebrating the lease of a property that costs $1450 a week.

The video shows Natasha Pincevic and Jazmin Refik, both of whom work at CMP Real Estate. They work as a property manager and property associate, respectively.

The property is located in Leppington, 53 kilometres southeast from Sydney's CBD. It has six bedrooms, five bathrooms, and three ensuites on a 450-square-metre block.

Notably, this issue was put into light just days after the average home price in Australia was revealed. It has officially surpassed the $1-million mark, reaching approximately $1,002,500.

Quick Summary of the Issue

This story began in an earlier video with over 180,000 views on social media. It featured the agents asking 'Would you pay $1450 per week for this?'

Commenters noted that it was too high. Notable remarks were that 'it doesn't even have a pool,' and '1450 in the middle of nowhere, lol.'

The most recent video from the agents intended to clap back at their critics who had issues with rent pricing. However, it backfired and appeared tone deaf relative to cost-of-living concerns.

It was captioned 'keep doubting us' with a shushing emoji. It shows Ms. Pincevic asking how Ms. Refik managed to lease it considering its weekly $1450 price.

'The one with no pool. Is in the middle of nowhere,' said Pincevic. Ms. Refik added 'And a job site next door,' pointing out a nearby construction area.

While the tandem intended to clap back at critics who deemed prices too high, it backfired and appeared tone deaf to the existing cost-of-living crisis.

The two high-five before Pincevic references the children's classic Bananas in Pyjamas. 'Well done, B2,' with Refik replying 'See you in the next one, B1.'

Video Backlash

Since being posted last Tuesday on the 10th, the new video has drawn a ton of negative comments.

'You basically just told everyone, we're here to rip everyone off,' one commenter said. 'Are we proud of these ridiculous prices? Have some mercy people, seriously,' said another.

Others were poking fun at the video's caption, saying 'Keep doubting us? No one doubts that you can lease a property in a housing crisis.'

Interestingly, some viewers came to the defence of the duo citing market realities.

'Not the agents' fault. It's the market price, supply, and demand decides the price,' one person said. 'Dual income family, $1450 is affordable,' another added.

The Agency's Response

CMP Real Estate addressed this by talking to Daily Mail Australia. They said that their video was meant as a tongue-in-cheek response for online critics. Their advertisements for rental property were being made fun of and the follow-up clip was taken out of context.

CMP Founder Christina Pincevic also weighed in, who has been in the real estate industry for 11 years. She said that the rental price in the video reflects current market conditions. 'We've leased homes of similar size for over $2000 before,' she said.

To add, she also cited infrastructure developments like the Western Sydney Airport and the Metro line. These are a couple of the factors behind rising property values in the area.