Still a tight rental market for Canberra tenants

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Tight rental vacancy rates in Canberra continue over July with higher demand for rental properties reflecting the usual surge at the start of every financial year.

Latest figures show that the house rental vacancy rates in Australia’s capital have remained at one per cent while unit vacancies fell from two per cent to 1.9 per cent. Overall dwelling vacancy rates remained steady at 1.3 per cent, although this reflected a steep fall from last July 2015’s 2.2 per cent. Hobart is the only capital city that recorded lower vacancy rates for both houses and units.

Among Canberra’s regions, Canberra Central reported the highest number of house vacancies over July, with a median asking rent of $558. It also reported the highest number of unit vacancies over the previous month, with a median asking rent of $450.

Meanwhile, Ngunnawal had the highest number of house rental vacancies reported over July with a median rental of $410. This was followed by Palmerston, Harrison, Deakin, and Gungahlin, accordingly. In terms of the unit vacancies, Kingston took the top spot with a median rent of $490, followed by Braddon, Turner, the City, and Bruce.

Housing affordability and accessibility remains a huge issue for the Canberra rental market. Furthermore, tight vacancy rates and a shortage of rental property are putting upward pressure on rents.

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