RENTAL MARKET WRAP
Contrary to news elsewhere, we have good news for tenants, migrants, and international students entering the market. Canberra’s vacant rentals increased over the month, and we are seeing almost triple the number of listings compared to this time last year at 1.50%. Domain Vacancy Report: February 2023.
“Canberra house rents have bounced back to a record high after reversing all of the previous quarter's decline. Canberra remains Australia’s most expensive city to rent a house. However, rental growth continues to slow with the annual pace at its lowest in two years. Canberra has bucked the overall national trend as the supply of vacant rentals has jumped 39% annually. This also aligns with the general stabilisation of rents in most Canberra regions in the December quarter. Gross rental yields for houses are now at the highest point since September 2021, following the first annual improvement since the pandemic began.” Dr Nicola Powell, Chief of Research and Economics, Domain.
After a recent announcement made in January from China’s Ministry of Education to stop acknowledging degrees gained online, this saw the number of rental searches spike 87% in January from December, and 175% annually.
Although higher rental yields are looking attractive to investors, we are still observing the response to the new minimum standards for energy efficiency. There are some predictions new stock will enter the market in the months ahead.
Autumn is here, and along with it another great new edition of the Inspired Living Magazine. Pick up your copy at your local Blackshaw office this week.
February was definitely busy, the awards night a major highlight, perhaps our best ever! The awards for excellence recipients lead the region in real estate, as Blackshaw employees the competition is fierce, and we congratulate all of them for performing at such a high calibre throughout the year.
We held more training this month for our teams, with Damian Cooley, renowned auctioneer.
For any further information or queries please contact your local Blackshaw Real Estate professional.
