Sunrise star SHOCKS Kochie revealing rental woes

Sunrise host Monique Wright has revealed she is struggling to discover a rental.

Australia is within the grips of a rental disaster, with emptiness charges in Perth at simply 0.85 per cent, and in Sydney, the place Wright lives, they’re at the moment 1 % — a document low.

Wright, 49, stated she had checked out over 30 properties in Sydney however had did not safe a house.

“We’ve recently been looking, and we’ve looked at 30 properties,” Wright informed co-hosts David Koch and Natalie Barr, following a dialogue on renting.

“It is appalling. It is so appalling. You see it. People are desperate. We’ve been desperate,” Wright stated.

Barr stated she agreed: “At every price point… exactly”

Kochie was “amazed” on the drawback.

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The nationwide rental emptiness charge is at its lowest degree since 2018, reflecting an extra tightening of an already scarce rental market.

The capital cities skilled a 0.1 share level drop within the emptiness charge in February to now sit at 1.43 per cent, in line with the most recent PropTrack Market Insight report.

Vacancy charges measure what share of rental properties can be found for lease, that means that just one.43 per cent of all rental properties are available on the market for renters.

That determine is half the extent seen earlier than the pandemic, with the capital cities experiencing a damaging 55 per cent change within the emptiness charges since March 2020.

The finish of the pandemic has led to a surge in demand for leases within the nation‘s biggest cities, with Sydney a full percentage point lower in the past year and Melbourne 1.8 per cent lower.

Adelaide and Perth had the fewest available rentals with 0.92 per cent and 0.85 per cent vacancy rates respectively.

Brisbane recorded a slight 0.07 per cent drop, while Hobart and the ACT were the only two cities to see a tiny boost of 0.06 per cent and 0.02 per cent respectively.

The news is not good for renters with a lack of available supply to drive“continued rapid rent price increases over 2023”, according to report author and senior Proptrack economist Paul Ryan.

“Almost all regions across the country have rental vacancy rates below 2 per cent – meaning less than 2 per cent of all rental properties are available for lease,“ Mr Ryan said.

“A vacancy rate below 2 per cent points to extremely tight conditions.

“With demand for rentals expected to remain strong, we see no reprieve for tenants in the coming months.“

February was also the first time that it became harder to find a rental property in the capital cities over regional areas for the first time since the pandemic began.

Earlier this week David Koch slammed baby boomers with a savage message debunking the myth that young Australians are too lazy to save for a house.

The Sunrise host looked at the financial burdens on those trying to buy a home in the 1980s, comparing them to those trying to enter the property market today.

Home loan interest rates in 1989 were 17 per cent, compared to roughly six per cent now.

But Koch said Aussies are worse off in 2023, because prices had surged — particularly over the COVID-19 pandemic — much faster than wages growth.

“Back in my day, I was paying 17 per cent on my home loan. Now that was tough,” Koch began.

“Back in the 80s, the average cost of an Aussie house was $70,000, now it is $700,000, ten times more expensive.”