Canberra at a glance
House rents fall annually for the first time since 2014
Canberra house rents made the steepest quarterly decline and first annual decline the city has seen since 2014. This bucks the overall national trend, with Canberra one of only two cities with falling house rents, along with Hobart.
While a $15 decrease may seem modest, it is in stark comparison to the rapid escalation of house rents that had preceded it and ending its reign since 2018 as Australia’s most expensive city in which to rent a house. House rents fall annually for the first time since 2014
Canberra unit rents held steady over the June quarter, $10 lower than the record high achieved in late 2022. The outlook remains more stable for tenants as rental growth stalls annually to provide the weakest outcome in eight years.
Tenants are in a much better position relative to any other capital city - Canberra has the highest vacancy rate, and the available rental supply has more than doubled annually. It is helping to alleviate some of the challenging rental conditions seen over the past few years and moves the city closer to a more balanced rental market.
Dr Nicola Powell,
Chief of Research and Economics