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Rental Vacancy Rate Eases in Canberra

By Ben Faulks

Anyone in search of Belconnen rentals may find they have more choice than they have done over recent months, as the vacancy rate increases in Canberra.

New figures from SQM Research show that in the ACT capital, the vacancy rate stood at 1.5 per cent in April, increasingly slightly from 1.4 per cent in the previous month.

The extent of this rise is best understood when compared to April 2012, when just 0.7 per cent of properties were vacant in the capital.

Managing director of SQM Research Louis Christopher believes that this situation will continue, as the tight conditions that tenants have faced over recent months start to come to an end.

"It means rent rises which have been running at above inflation for the past five years now, will now slowdown to be more in line with CPI and indeed this is already occurring according to our newly released weekly rents index," he noted.

This particular index showed that over the past 90 days, national capital city rents for houses have declined by 0.6 per cent to reach $521 a week.

Rental prices for units, on the other hand, have increased 0.5 per cent over the same period to reach $413 per week.

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