The Canberra Times has a muddled story both bemoaning that many workers in Canberra are choosing to live elsewhere than pay the extortionate rates, and at the same time noting that there’s finally capacity in the market:
The boosted first-home owners scheme has helped people vacate rental accommodation, investors have returned to the market and new apartments have come on line, leaving about 1300 properties vacant, more than double the amount of vacant stock in recent years…
Real estate principal Symon Badenoch, who has one of Canberra’s biggest rent rolls, said easing vacancy rates would see the price of rent plateau, not fall. Good quality, well located rental apartments were still attracting strong demand.
”Cold old ex-guvvie three-beddies with electric heating 12 months ago people would rent them no matter what to get into the market. We are now finding those style of properties sitting on the market.”
Renters should bookmark this story for the next time the landlord starts grumbling about putting the price up.