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.
02:03 [BLANK_AUDIO]
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