January in Canberra, brings thousands of people to the city to start new jobs.
From public servants to military personnel and academics, they are then followed by students who have enrolled in the city’s universities.
The ACT economy is doing relatively well compared to the
rest of the country and the city’s high incomes, are contributing to the growth
in rental yields.
According to Domain’s latest statistics, Canberra is now the
most expensive capital city in Australia to rent a house, and follows Sydney as
the second most expensive place to rent a unit.
Also, rents in Canberra are now rising three times faster
than the national average.
Demand soars in January and February and would-be tenants
often have to compete with more than 50 other applicants for a lease.
Tim Lawless from CoreLogic has said that rents have been
rising at 3% per cent per annum, whilst the national average has only been 1%.
The most popular suburbs for units are the inner-north which
is favored by students, which include suburbs like Aranda, Campbell and Downer,
where annual rent increases have averaged about 8% over the past 5 years.
Houses in the inner-north suburbs have had rental increases
between 5 and 7% per cent a year.
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Monday, 10 February 2020