Two-bedroom unit listings are on the rise this quarter, with new data from Ray White showing that they take up the majority of new rental listings from the third quarter of 2015.
Two-bedroom units outpaced their single-bedroom and multiple-bedroom counterparts by a significant margin this quarter, with there being approximately 30 listings of the former and only 27 of the latter two combined.
This disparity could have a number of different reasons. A larger number of listings may mean that more people are moving into single-bedroom housing rather than two-bedroom units. It could also mean that the market is adapting to a greater demand for larger units for rent.
Demographic change or supply meeting demand?
For example, a demographic change may be taking place. In the 2011 census, the most common age group in Belconnen was those who were 20 to 29. Many of these young people, as well as some from the 10 to 19 demographic, will now be taking their first steps out of home. A larger demand for smaller, cheaper, first rental properties such as single units in Belconnen could be resulting in a smaller supply, potentially driving rental and sales prices up in the coming year.
However, the 2011 census also indicated that 60 per cent of the population of Belconnen were couples without children. After four years, particularly with a large number of younger people, it may be that these circumstances have changed and the market is increasing supply of larger, two bedroom units to meet the demand of young families with a need for more space.
For help in interpreting this new change in unit rental supply, speak to an expert in Belconnen rentals at Ray White today. With an average rental yield of 4.6 per cent, compared to an average of 4.1 per cent across Canberra according to CoreLogic data, there has never been a better time to invest in a unit in Belconnen.