With record rental prices across the nation, Canberra has bucked the trend and is actually cheaper.
Median rent in the national capital fell 0.7 per cent compared to this time last year, to $685-a-week, according to Domain’s latest rent report for March 2024.
Domain’s chief of economics and research, Dr Nicola Powell, said the rental drop was caused by an increase in supply across Canberra and a slight drop in population.
With record rental prices across the nation, Canberra has bucked the trend and is actually cheaper (stock image)
Median rent in the national capital fell 0.7 per cent compared to this time last year, to $685-a-week, according to Domain’s latest rent report for March 2024
‘Canberra has been losing people to other states and territories more than receiving, and that has weighed into rental demand,’ she said.
‘Canberra has had better rental conditions and technically it was the only capital city to enter the change over phase with a balanced market.’
With the new national rental median figure reaching $630 a week, Aussies are spending more each week for a roof over their head than they ever have before.
However, some relief may be on the way.
Canberra (pictured) had negative migration which made more rentals available, impacting rental prices
Dr Powell believes a ‘tipping point’ will be reached for rental prices in 2024.
The economist said less applicants per rental is an early sign vacancy rates could loosen up.
‘Also, international student visa applications have turned a corner and started to fall for the first time in more than two years, population growth is likely to have peaked, and the federal government has introduced a migration strategy that will slow population growth,’ she said.
Dr Powell also said Federal and state governments have introduced more homebuyers incentives, which can also help ease the over-heated rental market.
