It will not be a revelation to tenants, but Canberra is still the most expensive city in the country to rent a property, with the inner northern suburb of Campbell coming in as the city’s most expensive.
According to CoreLogic data, renting in ACT will set you back an average of $ 633 per week, well above the national median of $ 485 per week.
The typical unit in ACT will cost $ 533 per week, while the average rental price is $ 690 per week.
As the real estate market booms, weekly rentals in Canberra have increased by 9.6 percent compared to an annual national rent increase of 8.9 percent – the highest growth since 2008.
Across all capitals, rents rose 1.9 percent in the last quarter, but only 1.5 percent in Canberra.
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CoreLogic’s report also listed the 30 most expensive suburbs to rent in.
In the most expensive suburb of Campbell, the weekly median rent for a house is $ 952 a week, followed by Throsby at $ 890 a week and Wright at $ 875.
The most affordable suburb to rent a house in was Charnwood, with an average weekly rent of $ 589.
Garran, O’Connor, Hughes, Farrer, Ainslie, Yarralumla and Curtin were also in the top ten suburbs.
When it comes to units, the most expensive suburb to rent is in Yarralumla, where one unit will cost $ 816 per week, compared to the most affordable suburb of Curtin, which will set you back $ 442 per week.
McIntyre Property’s head of property management Amanda Gordon says rents are likely to rise only in the coming months as the sales market booms.
She herself has seen the increase in rent take effect in Tuggeranong, where most of the properties McIntyre Property manages are located. She says the market is only getting tighter.
“Since it’s such a good time to sell, we’ve simply got fewer and fewer properties,” Mrs Gordon explained.
“The ones we list, we have people who simply stumble upon themselves to apply for.”
Low housing supply and high demand mean higher prices, she says.
She is concerned that more investors will take their money intergovernmental without government incentives to reduce the property tax on property owners who choose to rent.
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Around the country, Sydney was the second most expensive city at $ 595 a week, followed by Darwin, where a rental property would set you back $ 561 a week, Hobart at $ 507 a week and Brisbane and $ 491 a week.
Melbourne is the second cheapest rental market, with a typical home costing $ 450 a week.
The most affordable capital to rent in is Adelaide with rentals available from $ 440 per night. week.
CoreLogic’s research director Tim Lawless said he expected national rents prices to continue to rise in the foreseeable future.
He believes that with only small increases in household incomes, it will probably also become a problem that the rental car in Australia is affordable.
“Data from March shows that renters spent an average of 28.7 percent of their household income on rent payments, which is slightly above the annual average of 28.1 percent,” Lawless said.
“Rental affordability has deteriorated further from there, which is likely to see more tenants looking towards higher-density rental options, where rents tend to be more affordable.”