Sydney Morning Herald: Rents in the capital dropped in March but are expected to rise
Sydney Today, April 4th, Australian Eastern Time, Canberra’s rents have fallen the most in Australia, but owners are expected to make up for their losses in the coming months.
According to data released by Australian Property Monitors yesterday, the average rent for ACT fell by 3% in March, and the weekly rent was only $2. The capital's rent is the third highest in the region. Canberra's rent in December was A$490 per week, which is on par with Sydney.
Craig Bright, director of the Real Estate Institute ACT, said that part of the reason for the decline in rents is that many high-end properties have been built in the past six months, and some of these apartments have had to lower the first-phase rent to allow People can afford to rent. He said that the capital’s rents are stable, but those confirmed costs will soon rise. “The buyers and sellers will make concessions because the seller’s market is very flat, which will put pressure on rents and push it down. If people don’t buy a house, They will probably rent a house."
Canberra’s rents fell in March, while the average weekly asking price of houses rose by 3% last year. Apartment rents in the capital were also more expensive last year, with weekly rents of A$2.1, an increase of 435%. At present, rents in the capital are the third highest among the national capital cities, lower than Darwin and Sydney, where rents for suites are A$1.2 and A$460 respectively.
According to Andrew Wilson, senior economist at Australian Property Monitors, in many capital cities, people's housing purchasing power has increased, and housing buying activities have become more active, which has led to a decline in demand for the rent market. He said: “However, the continued shortage of housing, the low level of new property supply and the continued downturn in investors, under the influence of these factors, are expected to increase rents in the future.” (Ivy)