|
Canberra rental prices flattening The Real Estate Institute (REI) of the ACT says new figures showing stagnating rental prices are a reflection of the broader economy. Australian Property Monitors has released data showing the average cost of renting a house in Canberra has gone up 5 per cent in the last year to $410 a week. Unit rental costs have grown by 10 per cent to $385. Only Sydney and Darwin are more expensive. But the figures also reveal a slowdown in the June quarter with weekly rents for houses remaining the same and rents for units falling slightly. REI president Michael Wellsmore says people are being more careful with their money. "The figures are such a small change, I think we have -1 per cent on the units and 0 per cent for the homes," he said. "I would think that it may be just a flattening off in the demand which is being reflected in other areas, other sections of the economy." Mr Wellsmore says while he does not expect any major increases in rents in coming months, he has been surprised before. "I thought that six to 12 months ago that it might stabilise a little bit and it kept going," he said. "So the market, it'll be dependent on what comes into the market over the next six months or so that helps to meet the demand that we see in other areas is still there." |
