A recent study has revealed no matter your loyalties; if you’re a die-hard South sider or North sider, rental prices are increasing across Canberra suburbs.
The top 10 ACT suburbs predicted for rent increase over the next 12 months has been revealed after new research was commissioned by ‘Hood Tenant’.
The results found the five suburbs that can expect major rent increases include Bonython, Lyons, Aranda, Macquarie and Holt.
If those weren’t enough to make you pinch onto your wallet, we can also go ahead and add Amaroo, Weetangera, Forrest, Evatt and Latham, making up the top 10.
Rent has already increased by 32% from January 2021 to January 2022 for Bonython, with prices expected to continue rising.
The other nine suburbs aren’t doing much better, with rent increasing by 13% over the past 12 months.
In most of these suburbs, vacancy rates are under 1% and in some cases like Aranda and Weetangera, vacancy rates are at 0%.
This means that rental properties are on the market for less than 21 days before they are filled with local or new Canberrans desperate for housing in a city facing high demand with low supply.
‘Hood’ research founder and CEO Tommy Fraser said one of the main reasons rent is predicted to continue increasing is the high demand.
“Increased demand for rental properties puts upward pressure on rental rates.”
Fraser continued by saying the pandemic caused people to reassess where they live, looking at location and the type of property wanted.
Understandably lockdown made us all a bit more aware of our accommodation, with some locals counting how many steps it took them to traverse the whole house in their spare time…and during lockdown, there was a lot of spare time.
By Olivia Paull