House is in Sandringham, its a 4bdrm+1bath and theyre charging me $680 with this increase. If it was a modern house I'd have no issue paying that, but it is so far from that its not funny. So based on this advice I'll back out of my TT and find a landlord who appreciates my tenancy.
Have been on the buying hunt for about 9 months now, have yet to find the happy balance between something I can afford and something that isn't a renovation nightmare.
Thank you all for the advice, it is very much appreciated.
Landlords are reading the newspapers regarding rents increases. I know three landlords who all put up the rent by around $50-60 a week, and all have had empty properties for about a month. You won't get anywhere regarding rent increases, so look for somewhere else but keep it friendly and say you would stay I they would give you a fixed term tenancy at $X . If you are right regarding their over-valuation, and are a good tenant, you may not have to move once they realise nobody else will pay that for their property.