Canberra evening parliament house
Image: Social Events, Unsplash
  • Median house rent now $600, up $20
  • Median unit now $495 , up $15
  • The national median for capital city houses is $469
  • Number of vacant rentals is down by 24 per cent

According to data from Domain’s Rental Report Canberra has been crowned as the most expensive city in Australia to rent, a title it has not held for over a decade.

The median rental price for houses in the Capital has increased by $20 to $600, higher than the next two most expensive cities, Sydney and Darwin, where the median for both is $550.

This is much higher than the national median rent for capital cities which is currently $469.

The median unit rent has gone up by a similar amount at $15 making the median now $495.

This is higher than the national capital city median rent which currently stands at $432.

Although December saw a lift in Canberra’s traditionally tight vacancy rate of 1.1 per cent, the number of vacant rentals is down 24 per cent overall compared to last year.

Traditionally the planned city has been expensive to rent in due to the unique nature of the local workforce, along with relatively low supply.  However, there are numerous other explanations for Canberra’s recent jump in rental prices.

Being the capital city, Canberra has a strong public service which saw comparatively little job losses as experienced by other parts of the country in the private sector due to the cities reliance on sectors that are directly funded by the government.

Additionally, Canberra has seen low Covid-19 cases from both interstate sources – despite usually having high volumes of traffic from New South Wales and Victoria – as well as fewer international arrivals, therefore the city has experienced little disruption in the way of lockdowns.

You May Also Like

Australian house prices soared to new record highs in November despite the cash rate rise

Home values lifted 0.22% MoM, with the national median now $761,000.

Renter relief in sight as major city vacancy rates begin to rise in November 2023

Vacancy rates continued to ease across the three east coast capitals.

Top five trends for the Australian housing market in 2024: More demand on the horizon

Two factors could drive demand further, and the rental market reaches tipping point.

2024 housing outlook: Economist’s top predictions for Australia’s property market

Inflation likely close to peak, but supply issues prevent prices from leveling off, according to Ray White economist’s 2024 predictions.

Experts Corner by The Property Tribune

Ko & NPA partner to launch several co-owned luxury properties at Mermaid Beach, Gold Coast

Ko's partnership with NPA Projects provides more opportunities to co-own off-the-plan holiday residences, including exclusive Gold Coast properties

Continue reading

Top Articles

Expert tips on how to be a successful property investor

Property expert and buyer's agent, Lloyd Edge, shares his insights.

Australian commercial property update: Industrial and tourism assets lead the pack in trying times

Commercial assets have faced volatility recently, driven by financing changes and demand fluctuations from institutions and funds.

WA has emerged as a property investment hub, and why that's a good thing

Eastern investors chase Perth's affordability, doubling the distance between home and investment in 2023, reveals MCG research.