RENTS RISE THE FASTEST IN CANBERRA
Image Credit – Cathy Yeulet/123rf.com
If you’ve been struggling to afford rent – you won’t be surprised by this.
The cost of renting a house in Canberra has surged at a higher rate than in any other Australian capital city in the past year.
That’s according to the Domain Rental and House Price report, released today.
It shows the average cost of renting a house in the territory was $500 as of December 2016 – an annual increase of 7.5%.
Canberra unit rents also went up over the December quarter to $420 a week – a 5% quarterly increase and annual growth of 7.7%.
“The Canberra rental market reported a strong quarter, with significant increases for both house and unit rents despite the recent high levels of apartment construction,” Domain Chief Economist, Dr Andrew Wilson, said.
“The growth of median rents continues to make the capital an interesting prospect for investors.”
It’s a similar situation for house prices in the ACT.
They also went up over the December quarter, with the average price reaching $684,395 – a quarterly increase of 5.6%, a new record high.
Annually, the average house price rose by 5%.
It’s a different story for unit prices, though – they declined over the quarter.
The average fell 2.6% to $413,697, balancing out the strong growth in previous quarters.
Canberra unit prices went down by 2.2% last year – the local market’s lowest annual result since 2012.
“Canberra house prices have surged, recording exceptionally strong growth over the quarter and year,” Dr Wilson said.
“However, the recent levels of new apartment construction have clearly affected price growth of units, with the median down this quarter.”