The start of a new year is a notoriously difficult time to secure a rental property in Canberra but so far, 2024 is proving to be a very different story. Real estate agents say few open homes are drawing crowds with supply in some areas completely exceeding demand. It comes as new data shows the territory bucking another trend it was the only rental market where prices flat lined in the past year.
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00:00 It's been at least a decade since Sumoloni has seen a January as slow as this one.
00:09 Normally you've got people 10 deep on the stairwell, you've got them 10 deep in the
00:13 office but there just isn't that activity at the moment and that's right across the
00:17 price range too.
00:18 This open home in Garon proves her point.
00:21 Just one potential tenant showed up.
00:23 Actually living in Queensland at the moment and my wife's got a new job at the hospital
00:28 right down the road here so we've decided to relocate to ACT.
00:35 Bill has been house hunting for just a week but says he's had minimal competition at inspections.
00:41 I'm definitely interested in this one, I'm going to go straight home and apply.
00:45 Migration is what usually drives the rental frenzy at the start of a new year but 2024
00:52 is a different story with people like Bill the exception rather than the rule.
00:57 I think that's been a real hangover from COVID that people can still live in a different
01:01 city and work in Canberra.
01:02 The result is more supply than demand.
01:05 And especially around areas like the city, the city is probably seeing an oversupply,
01:10 especially apartments.
01:12 While Canberra remains the second most expensive capital city to rent behind Sydney, new data
01:18 shows prices flatlined last year bucking the national trend in a big way.
01:23 The median rent for a house in Canberra dropped 2% to $680 per week.
01:30 The national medium was up 13% thanks to huge growth in Melbourne, Sydney and Perth.
01:36 Canberra unit prices went up but only marginally compared to the 18% boost seen nationally.
01:44 That stability is also partly to blame for the slow start to 2024.
01:49 Rents aren't necessarily having to move or choosing to move because they want to find
01:54 something cheaper.
01:55 They're actually in a good position.
01:56 It's cheaper to stay where you are in a lot of cases.
01:58 New year, new look market with tenants now having the upper hand.
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