Influencer’s $50k boating solution to Sydney’s rental crisis

Aussie influencer Michael Drake spent $50,000 on a houseboat twice his age.

An Aussie influencer has traded renting for a life on the water by choosing to move into a renovated houseboat.

Twenty-two year old Michael Drake purchased the houseboat three months ago for $50,000.

Since then he has revamped the 40-year-old houseboat, which cost about three hundredths of Sydney’s median house price.

With a kitchen, a lounge room and a fresh coat of navy blue paint, the houseboat has been turned into a fully-functioning home on the water. His plan is to live in it.

The houseboat has been anchored in The Central Coast during renovations. Picture: @michaeldrake11 on Instagram.

It comes in response to an ongoing struggle for renters in Sydney, where the average rent for a unit sat at $714 per week in August, according to SQM Research.

Mr Drake said he wanted a place to live independently without renting.

“I would prefer not to pay rent and put the money into someone else’s asset, so buying my own houseboat seemed like a good option as an affordable starting place,” he said.

“I plan on living in it in summer, and when I am not travelling.”

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Inside the renovated houseboat. Picture: @michaeldrake11 on Instagram.

Mr Drake enjoying the views from his refitted deck. Picture: Supplied.

Mr Drake – who has over 1.4m followers across Instagram, TikTok and YouTube – said the response to the project from his followers has been “fantastic”.

“Because the housing market is so out there, I think people are interested in exploring other avenues to enter the housing market,” he said.

“People are curious to see what other housing options there are for the lifestyle they want to live.”

He shipped the houseboat from an hour north of The Central Coast, where it was anchored during the course of renovating.

“I purchased this one because it was the most affordable houseboat available that was close to home,” he said.

According to Mr Drake, the biggest challenge during renovations was identifying the source of leaks in the boat.

“The houseboat is 40 years old, so it needed some work,” he said. “There was a lot of reno stuff to do before making it liveable.”

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The content creator spent three months renovating the boat. Picture: Supplied.

A fresh coat of paint was a must. Picture: @michaeldrake11 on Instagram.

Mr Drake, who was helped by family and friends during the process, said it was his first project of this kind.

“This was my first time renovating anything,” he said. “My Dad has been a great help in the process as he is a cabinet maker by trade and has renovated a few houses in the past.

“Now that the renovations are done, I am hoping it will be a place I can call home, plus a place I can invite my friends to, to enjoy the water lifestyle.

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The houseboat pre-renovation. Picture: @michaeldrake11 on Instagram.

He will have to be aware of NSW anchoring laws, which state that you can stay at anchor in one place for up to 28 days on a houseboat before having to move to another area.

NSW government restrictions also limit houseboaters to a maximum of 90 days a year at anchor.

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Houseboats are common on the canals of Amsterdam. Picture: iStock.

Throughout history, houseboats have increased in popularity during property crises.

Amsterdam is a well-known hotspot for houseboats, with over 2,500 residing on its canals.

They surged in popularity as a housing alternative following World War II, which left a lack of undamaged homes in the Dutch capital.

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