Canberra’s now the most expensive city to rent a unit

Share Canberra's trusted news:

CANBERRA is now the most expensive city to rent a unit, according to the “Domain Rental Report” for the December quarter.

The report, which details a 3.1 per cent rise in median unit rental prices over the year, means that the ACT is now the most expensive city to rent a unit in the country.

The median unit rental rate now sits at $495 a week, a $15 jump over the year.

Meanwhile, the rental prices of Sydney have dropped -5.1 per cent over the December quarter, making the median rate $470 a week. Melbourne also saw a significant drop of -3.0 per cent placing their median rate well under Canberra’s at $388 a week.

“This is the first time in a decade Canberra has the highest unit rents of all the capitals,” said Domain senior research analyst Dr Nicola Powell.

“Although the vacancy rate did lift in December, it still remains lower than that seen this time last year. The estimated number of vacant rentals is 24 per cent lower annually. This lack of vacant rentals will continue to drive up rent prices.”

House rents in the ACT also continue to stand as the most expensive in the country. The report places the median rent at $600 a week, representing an increase of $20 over the quarter. The next closest rates are Darwin and Sydney, each at a median of $550 a week.

Domain report figures of median house and unit rental prices in the ACT

“The lure of Canberra is becoming increasingly evident, with low COVID-19 cases throughout the pandemic, employment opportunities and a lifestyle on offer,” said Dr Powell.

“The territory has fewer international arrivals relative to other cities impacting rental demand to a lesser extent.

“Having a strong public service employment base has meant minor job losses compared to that seen in the private sector. This has also meant the territory has been placed better economically, buoyed by the public sector and industries reliant on government spending.”

Who Can You Trust?

In a world beleaguered by spin and confused messages, there's never been more need for diverse, trustworthy, independent journalism in Canberra.

Who can you trust? Well, for more than 25 years, "CityNews" has proudly been an independent, free, family-owned news magazine, serving the national capital with quality, integrity and authority. Through our weekly magazine and daily through our digital platforms, we constantly and reliably deliver high-quality and diverse opinion, news, arts, socials and lifestyle columns.

If you trust our work online and believe in the power of independent voices, I encourage you to make a small contribution.

Every dollar of support will be invested back into our journalism so we can continue to provide a valuably different view of what's happening around you and keep free.

Click here to make your donation and you will be supporting the future of journalism and media diversity in the ACT.

Thank you,

Ian Meikle, editor

Previous articleCanberra welcomes Randwick, but not Rosehill or Warwick Farm
Next articleGiving wine a future, a bottle at a time

Leave a Reply