Canberra's rental market seems to be keeping the cost-of-living crisis at bay, with prices tracking behind inflation over the last 12 months. The beginning of the year is typically busy for the capital's real estate market, with high demand, and higher prices.
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00:00History tells us a new year brings new Canberrans.
00:06That's when APS workforce start to come in, as well as Defence,
00:10and they seem to prefer the main city centres of the inner south, the inner north,
00:14and really come in to try and grab a property there.
00:17Bureaucratic turnover means Q1 is the peak time for rentals, with prices to match.
00:23Generally we'll see an extra $30 to $50 a week per property, between January and early March.
00:29In an economy where the cost of everything is skyrocketing,
00:32Canberra's rental market appears to remain grounded.
00:35Rents across the capital have increased by 2.6% over the last 12 months,
00:40or around $20 a week, behind CPI and below the national rental increase of 4%.
00:46Canberra's house rental prices went up by 3.3%, but units only went up by 1%.
00:52This is probably a factor of more unit supply coming into the marketplace.
00:56It's a really good example of how more supply can help to keep a lid on both price growth and rental growth.
01:04As always with real estate, it's about location, location, location.
01:08Belconnen and Western Creek are both up about 4.5%.
01:14At the other end of the spectrum, you've got the unit markets of Gungahlin,
01:18which has seen rents actually slip a little bit lower, down 0.4%.
01:21And with more supply comes more choice.
01:24Generally, tenants are a lot pickier. They know what they want, they know where they want,
01:27and they'll know how much they're prepared to pay.
01:29One cost of living measure that appears stable, for now.