If you can make it here, you can make it anywhere…or so the saying goes.
That certainly seems to be case in Canberra, with locals forking out more per week for rent than any other Australian.
Data released on Monday from Corelogic has found renters in the Nation’s Capital are now paying an average of $668 per week for a house and $521 per week for a unit.
The data is further confirmation of the struggle Canberra renters face with Domain earlier this month also declaring Canberra the most expensive city to rent.
Nationally, the growth of rental prices has started to slow in recent months but still remains the highest it has been in more than a decade.
In some good news through, CoreLogic’s Head of Research Australia, Eliza Owen, said she expects that deceleration to continue.
“Very high rental growth is unsustainable while income growth remains subdued.”
“The result will likely be more subdued growth rates in the coming quarters, especially as investor participation trends higher, delivering more rental supply.”