RENTAL MARKET WRAP

As the cooler months set in, we continue to see sound demand for rentals across the Canberra region. As at this month, the average house rental is now $721 whilst for units it is $521, with a year on year increase just shy of 2% at 1.8% as an average. Whilst the rental increases for the last 2 quarters are solid, other data showing some adjustment below 2023 highs, suggest the affordability peak has been reached. Canberra remains in the top half of rental prices nationally as an average. However, it is important that properties are advertised with professional standards to ensure optimum reach. It appears that we may see some minor adjustments but without an increase in supply, rental demand will remain similar to current.

Recent changes to the legislation too mean that it is important that key housing standards such as the minimum heating and insulation standards are updated – if not yet done. Please see this link and of course talk to your property manager if you are unsure Minimum energy efficiency standards for rental homes - Justice and Community Safety Directorate (act.gov.au)

Further to the above, Canberra is starting to see an increase in the overseas migration rates which is supporting the current increase of 1.9% over the last 2 quarters. It is unlikely this will increase markedly during this calendar year thus
negating any radical uplift in rental rates however it will continue to support the current regional vacancy rate of circa 2-3%.

Finally, it is timely to remind you that it is almost time for tax returns to be prepared. It may be appropriate for you to take the time to speak to your financial advisor re your property arrangements or loan if applicable 

At Blackshaw Real Estate, we are committed to ensuring you are kept updated and thank you again for your partnership.

For any further information or queries please contact your Blackshaw Property Manager.