CoreLogic National housing Update November 2017
November Market Outlook
Making rentvesting work for you
Should you rent to people with pets?
Buying property with friends
Adelaide November 2017
Brisbane November 2017
Cairns November 2017
Canberra November 2017
Darwin November 2017
Gold Coast November 2017
Melbourne November 2017
Newcastle November 2017
Perth November 2017
Regional NSW November 2017
Regional NT November 2017
Regional QLD November 2017
Regional SA November 2017
Regional VIC November 2017
South West WA November 2017
Sydney November 2017
Tasmania November 2017
Wollongong November 2017
CoreLogic NSW housing Update November 2017
CoreLogic QLD housing Update November 2017
CoreLogic SA housing Update November 2017
CoreLogic VIC housing Update November 2017
CoreLogic WA housing Update November 2017
What are the costs for buying a new home?
Self-employed? What you need to know about taking out a mortgage
Go hard or go home? Not necessarily
Canberra November 2017
The month in review: Canberra
By Herron Todd White
Canberra’s transient population comprises professionals, government workers, students, defence personnel, itinerant workers, trades workers and embassy and diplomatic personnel. Standard residential renters also make up a portion of the rental pool. Each looks to occupy a different form of residential accommodation. In general there is strong demand for all types of rental accommodation, however the recent increased supply of units has had some impact with vacancy rates increasing within this section of the market.
Traditional family renters look to occupy standard residential 3- and 4-bedroom housing in close proximity to schools, shopping facilities and services. Rentals for this type of dwelling range from $500 to $1,000 per week depending on location and quality.
Professionals, government workers and defence personnel will generally look for medium density accommodation in close proximity to work. Inner city unit accommodation suited to this tenant bracket ranges from $500 per week for a modern 1-bedroom centrally located unit up to $2,000 per week for a top quality penthouse.
Students and short term trade workers may choose to seek more affordable rental options including share house arrangements or older style studio or bed sit accommodation. Bed sit accommodation in older style buildings will start at around $200 per week. Share houses for students are prominent in the suburbs close to the Australian National University and include O’Connor, Turner and Ainslie. Room rents will start from $150 to $200 per week.
Several unique sections of the rental market in Canberra comprise politicians and staff coming to Canberra for sitting weeks, and embassy and diplomatic staff. For politicians, often rooms or flats within residential dwellings will be leased out on a private arrangement between the owner and the tenant. Central locations in close proximity to Parliament House are sought after. Embassy tenants will often sign long term leases and have strict requirements on the type of accommodation. Embassy precincts include the suburb of O’Malley and sections of Red Hill, Forrest and Yarralumla. Embassies will lease high quality prestige accommodation with reported rents of over $3,000 per week.
DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.