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With record rental prices across the country, Canberra has bucked the trend and is actually cheaper.
The median rent in the national capital fell 0.7 percent compared to this time last year, to $685 a week, according to Latest domain rental report for March 2024.
Domain head of economics and research Dr Nicola Powell said the drop in rents was due to an increase in supply in Canberra and a slight drop in population.
With record rental prices across the country, Canberra has bucked the trend and is actually cheaper (file image)
The median rent in the national capital fell 0.7 percent compared to this time last year, to $685 per week, according to Domain’s latest rent report for March 2024.
“Canberra has been losing more people than it has received to other states and territories, and that has influenced rental demand,” he said.
“Canberra has had better rental conditions and was technically the only capital to enter the change phase with a balanced market.”
With the new national average rent figure reaching $630 a week, Australians are spending more each week for a roof over their heads than ever before.
However, some relief may be on the way.
Canberra (pictured) had negative migration resulting in more rentals becoming available, which affected rental prices.
Dr Powell believes a “tipping point” for rental prices will be reached in 2024.
The economist said fewer applicants per rental is an early sign that vacancy rates could decline.
“In addition, international student visa applications have turned a corner and begun to decline for the first time in more than two years, population growth has likely peaked and the federal government has introduced a migration strategy that will slow population growth,” he said. saying.
Dr Powell also said the federal and state governments have introduced more incentives for homebuyers, which may also help alleviate the overheated rental market.