Emigrate to Australia: rental costs in Canberra
06 November 2016 by News DeskEmigrate to Australia where property supply chain pressures have forced up the cost of renting in Canberra.
Emigrate to Australia where Canberra, the capital of Australia, has seen the cost of renting a house rise by 12.3 per cent over the past year while the cost of renting an apartment has increased by 9.3 per cent.
This compares to rental costs in other cities across Australia, where home rental inflation is currently at a 20 year low.
Rising cost of renting in Canberra is due to a slowdown in house and apartment construction, leading to a shortage of properties and forcing up rents.
The number of new dwellings being built across the Australian Capital Territory has fallen by around 50 per cent in recent years.
Emigrate to Australia: rental costs in Canberra
There are currently around 5,000 new homes under construction in the ACT, of which only 600 are detached houses.
As a result, vacancy rates in the capital have fallen 2.5 per cent in 2014 to just 1.1 per cent. At the same time population growth is around 5,000 per annum.
Industry observers say that when these new properties are completed and come on to the market, rental costs in Canberra will become more balanced and even start fall.
Across Australia, average annual rent inflation was +0.7 per cent in the third quarter of 2016, according to the ABS Consumer Price Index.
In Sydney, annual rents inflation accelerated slightly to +2.5 per cent, which is still close to double the +1.3 per cent headline rate of inflation.
Sydney rents have increased at double the rate of inflation for nearly a decade.
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