If the previously unprecedented sight of “for rent” appearing on Canberra’s streets wasn’t enough the ABC has data on the long awaited holes opening up in the market:
The latest Australian Property Monitors report shows median asking rents for houses in Canberra dropped 3.6 per cent, from $480 to $463 a week, in the September quarter.
Unit rents were down 1.7 per cent dropping from $410 dollars to $403 a week.
That is the largest drop in any capital city.
For the 12 months to September, unit rents are down 6.3 per cent and house rents are down 3.6 per cent.
Weep oh renters for the financial losses of the investment property owners!