PHOTO: Monique Wright is among the ‘desperate’ Aussies looking for a rental. Picture: Sunrise
The Sunrise crew could not contain their shock when the co-host revealed the “appalling” situation she and other Aussies face.
Sunrise host Monique Wright has revealed she is among the many “desperate” Aussies looking for a home amid the deepening rental crisis.
On Thursday morning, Wright told her co-hosts she had inspected multiple properties with no luck, describing the situation as “appalling” for renters in any price range.
“We’ve recently been looking, and we’ve looked at 30 properties,” she said.
“It is appalling. It is so appalling.”
Co-hosts David Koch and Natalie Barr could not contain their shock at her revelation, which followed a package about the tricks house hunters are using to get around the ever-worsening crisis.
“You see it. People are desperate. We’ve been desperate,” Wright said, adding it was happening to renters “at every price point”.
The national vacancy rate has plummeted to record lows, meaning it is more difficult than ever for house hunters to put a roof over their heads.
Australia’s national vacancy rate remained 0.8 per cent in February, with vacancy rates across the combined capitals declining to 0.7 per cent, according to data from Domain.
In Sydney and Melbourne, vacancies declined to 0.9 per cent and 0.8 per cent, respectively – both dropping from 1.0 per cent in January.
Meanwhile, Brisbane’s vacancy rate dropped to 0.6 per cent (from 0.8 per cent) and Darwin to 1.2 per cent (from 1.3 per cent)
According to the data, Hobart is the only capital city to see an increase in its vacancy rate, climbing to 0.6 per cent.
Meanwhile vacancies have held firm in Perth and Adelaide – both at 0.3 per cent, the tightest markets in the country – and Canberra, at 1.5 per cent.
Australia’s rental market is the tightest it has ever been. Picture: Jeremy Piper/NCA NewsWire
Data from the latest Proptrack Market Insight report has put the national rental vacancy rate at its lowest level since 2018.
Report author and senior Proptrack economist Paul Ryan warned the forecast for the market is not so sunny, either, with the lack of supply set to drive “continued rapid rent price increases over 2023”.
“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.
“With demand for rentals expected to remain strong, we see no reprieve for tenants in the coming months.”
Rental inspections see huge queues of prospective tenants. Picture: Jeremy Piper/NCA NewsWire
Although Melbourne now has a tighter rental market than Sydney, as it was pre-pandemic, landlords in the NSW capital have been some of the biggest beneficiaries of the rental squeeze.
The viral images of long queues, mass crowds, and gridlock suburban traffic thanks to and from auctions and house inspections in some of Sydney’s most popular suburbs – which used to be shocking – are now relatively commonplace.
Queues of prospective tenants in Zetland, Coogee and Randwick have snaked around blocks to view properties, with dozens vying for small apartments – and, often, just as many having to be turned away.
And even if renters are able to find a property within their budget and lodge an application, they may be undone by hundreds of other applicants “bidding” a much higher rent than the advertised price.
Applicants have resorted to ‘bidding’ up higher rents. Picture: Nicholas Eagar/NCA NewsWire
Listing agent Scarlett Manttan of McGrath Property told news.com.au that every apartment that is up for rent in Sydney will receive more than 100 applications and 80 per cent of them will be offered more than the listed price – a practice which is outlawed in NSW.
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