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Rent on the rise again

By Thumper - 9 June 2008 16

The ABC is reporting that rents are again on the rise.

The March quarter report indicates rents in outer south, west and northern suburbs are now close to those charged for properties in the inner south. The report also says ACT house prices have dropped 6.8 per cent, taking the average house price to just over $440,000.

What’s Your opinion?


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16 Responses to
Rent on the rise again
sepi 8:18 pm 10 Jun 08

If you had a friend who is looking also, you could look for one of those houses that has been divided into two flats, and buy it half each as tenants in common.

cranky 6:59 pm 10 Jun 08

Que?

starry 6:32 pm 10 Jun 08

Lucky my bad grammar paid off, and i own my home.

Or was that one to many mop and buckets someone said i used for a living.

peterh 10:51 am 10 Jun 08

I am in Kambah – bought when the market was low, and now enjoy a drive of 12 mins to work, except when it is raining, and there is a parkway accident. Then it takes me 25 mins. wow.

place across the road went for 370K at auction, and it is a 3br house that the owners renovated. My valuation says 350k and we haven’t done a thing. far cry from the 150k I paid for it. maybe time to sell soon??

ant 10:48 am 10 Jun 08

There’s some rather crazy upmarket stuff in qbn now, have a look at allhomes, look for 3 and 4 bedroom units, in one of those new developments, they’re flogging a penthouse thingy for $645,000! Ye gods.

If anyone takes the shortcut through Oaks Estate, on the corner there that old fibro house got torn down, and they’re building 4 little townhouses on teh block. they look tiny to me (they should be 2 story but appear not to be) and I bet they’re priced in the $300k range.

Also on allhomes, I noticed a lot of places now are attracting rents over their buying value. ie usually, the rent seems to match the house price, so a $300k house is paying $300/week in rent. But quite a few places with tenants are getting more than that ratio.

VYBerlinaV8_the_one_ 9:57 am 10 Jun 08

Oh, and Queanbeyan is better than people think. When I was growing up people would be saying “you drive all the way from Queanbeyan to Canberra?!?!”, but in reality, it’s closer to civic than some parts of Canberra, especially Tuggers.

VYBerlinaV8_the_one_ 9:56 am 10 Jun 08

Prices have probably fallen about as much as they are going to in the short term. BUT, I don’t think you’ll see much growth in median (and below) priced housing in the suburbs mentioned for the next few years. Personally, I’m not in any real hurry to get another property right now, but occasionally you spot a real bargain.

With this in mind, I reckon rents (especially in desirable areas) have a fair way to rise yet, as they continue to catch up to the price rises of recent years.

Adza 7:41 am 10 Jun 08

I agree Ant… location wise Queanbeyan is very central… I hear horror stories of people in Tuggeranong working in Civic and taking up to an hour to get to work because of the clogged up roads during peak hour.

I live in Queanbeyan, work in Tuggeranong and it takes a maximum of 20 minutes to get to work with hardly any traffic and I don’t have to pay for parking.

Civic is only 15-20 minutes away normally, and Belconnen you can do in 20-25 minutes.

But the house prices have been getting ridiculous, so for me (and by the looks of it you too Ant) the downturn in prices is fantastic.

I’m still in no position to buy, so I hope the trend continues…. even if it just doesn’t go up in the next 12 months I’d be happy. But 6.8% is a rather large drop in a handful of months.

Woody Mann-Caruso 11:22 pm 09 Jun 08

Don’t forget to factor transport into your considerations. That inner north / south property might look expensive now, but it’s false economy buying in Campbelltown South or North Cooma and then paying $100 a week plus parking to get to work.

ant 10:42 pm 09 Jun 08

I spent a depressing evening last night looking at Allhomes. I can afford a bedsitter in Qbn! A horrible one.
And Qbn has gone mad, people have finally worked out that it’s better located than far Tuggeranong or far Gunghalin. I quite like Tugg now, it has trees, and the mountains are nice. But the prices are just so crazy viz a viz ordinary single earnings.

Things might change this week regarding income, and maybe I can regard the very cheapest townhouses with a scrap of garden then. But currently, you have to be a Working Family to afford a reasonably decent place to live.

el 10:32 pm 09 Jun 08

Ditto that for Weston Creek being a ‘cheap’ area.

Adza 10:26 pm 09 Jun 08

I laugh at the inclusion of Queanbeyan in the “cheaper” areas.

No longer the case… you can buy $50K cheaper in areas like Banks.

sepi 9:52 pm 09 Jun 08

Ant now is a good time for buying I think.

Why not go and see mortgage detectives (or similar) and find out how much you could borrow, and from whom? (And then if you do, go straight to the bank).

And then look around the cheaper areas (banks, gordon, holt, dunlop, charnwood, queanbeyan, weston creek). You can negotiate on price now that properties are hanging around for so much longer.

There is always the possibility that prices will fall further, but if you wait forever in case they keep falling, you might never buy anything and they might go up again. Anywy – now is a good time to be looking around.

ant 9:17 pm 09 Jun 08

Yeah. $440,000, what a bargain. I’ll have two.

Adza 9:11 pm 09 Jun 08

The report also says ACT house prices have dropped 6.8 per cent, taking the average house price to just over $440,000.

Woohoo!

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