Canberra at a glance September 2023
House rents decline to hit a two-year low
Canberra house rents fell for a second consecutive quarter, marking the steepest quarterly decline in a decade and the steepest annual decline since mid-2014. It bucks the overall national trend of rising rents, with Canberra the only city to experience falling house rents over the quarter and year. Median house rents have hit a two-year low – $35 lower than the March record – a stark comparison to its almost five-year reign as the most expensive city in which to rent a house.
Canberra unit rents held steady for the second consecutive quarter and flatlined over the year to provide the most stable conditions the city has seen in roughly 11 years. Unit rents are $10 lower than the December 2022 record, bucking the national trend to become one of only three capital cities below previous records.
Dr Nicola Powell,
Chief of Research and Economics