If you're considering renting a house in Belconnen, it might just be the right time for you.
In fact, the numbers seem to indicate nothing but good news for renters in Canberra and across the country. A recent report from CoreLogic RP Data show a slow stagnation in Canberra's rental rate growth, recording a 0.4 per cent rate drop over the month of July. When compared to the same month last year, Canberra only recorded a growth of 0.5 per cent.
Figures indicate that the slowing of rental market growth is relatively consistent with the rest of the nation. With all the capital cities combined, weekly rents fell 0.3 per cent over the month of July. This indicates a overall growth rate of 0.9 per cent per annum.
This can be attributed to the oversupply of rental properties due to a high level of investment continuing to be poured into the housing market, and the ongoing increase in residential construction across the capital cities.
As a renter, this means that the cost of renting will be relatively low when compared to the costs involved with buying. The latest residential report from Propell indicates that Canberra's house prices are steadily increasing, suggesting no slowing in momentum in the buying of residential and investment homes. With more and more rental properties hitting the market, rental rates are also unlikely to experience a significant jump any time soon.
This also means that with such a saturation of rental properties in the market, you will have a large variety of choices available to you as a renter. Picking a home with the right size and price, and in the right area to suit you and your family's needs, will not be difficult.
If you want to take a closer look, don't hesitate to give the Ray White Belconnen team a bell. We'll help a find a rental home in Belconnen that's perfect for you.