New data ranks the capital Australia's fourth most expensive city, but benefits not felt yet

ABC NEWS (Australia)

Three years ago, Canberra was Australia’s most expensive capital city for renters. Now new data ranks the ACT fourth in the country, but not everyone is feeling the benefits quite yet.

Transcript

00:00International student Gabriel Batolazzi knows he could be riding to open homes across Canberra

00:07for months hunting for a rental. Every inspection you go you have 10, 20 people there is coming

00:13from Brazil where sometimes you have a vacant place for like months and people actually

00:18trying to find tenants. It feels quite absurd. In 2022 Canberra was the most expensive capital

00:24city for renters in the country with the median weekly rental costing $633. According to new

00:31data from Cotality that figure has now risen to $679 but other capital cities have seen bigger jumps.

00:39Sydney is now the most expensive at almost $800 with Canberra the fourth most expensive capital

00:45city for renters. It's still expensive I mean I don't think people are happier because it's the

00:51second most expensive because it's still expensive so it doesn't change anything to me. This latest

00:56data comes after years of significant jumps. The median price to rent a house in Canberra has

01:01increased 18 percent in five years. Units have jumped 20 percent. The changes are due to supply

01:07and demand. In the last three years over 75 percent of the dwellings that have been either

01:12in progress or was completed have been high density apartments and so we've had a lot of new apartments

01:18in the ACT. She says new laws have also helped lower rental prices in the capital. Owners are

01:23really only allowed to increase their rent by less than one percent for existing tenants in the ACT so

01:27that's been quite restrictive and difficult for a lot of landlords to absorb while since rents have been

01:32since all the costs have been going up. Gabriel Batalazi knows whatever the figures say.

01:37He's in for a long ordeal. You're not gonna get the first place you look I guess so you need to look for many.

01:42Riding off in search of a new home.

Category

Transcript

Be the first to comment

Recommended