Finally some good news for Canberra renters, with an increase of supply and decrease in demand, lessening the strain on the market, according to PropTrack’s latest report.
Canberra’s rental market saw a decrease of inquiries per rental by about 25%, bringing down the average number of enquiries per rental to 9 down from 14.
With the decrease in demand, there’s been a jump in properties available for rent. The market grew by 21.9% in the past year, with properties sitting on realestate.com.au for an average of 21 days, 4 more than last year.
But it’s not all roses, median weekly rent continues to climb in the Capital, with a 6.3% increase across the board.
Kingston took the top spot, with a year-on-year uptick of almost 40%. Followed by the inner south hub Deakin and the Tuggeranong suburb Theodore.
Canberra suburbs with biggest year on year growth
|Suburb||Median weekly rent 2021||Median weekly rent 2022||YoY % change in weekly rent|