Vacancy rates for rental properties in the ACT are close to a multi-year low, according to new data from Domain.
Domain’s rental vacancy report shows rental vacancies in Canberra have remained steady over the quarter at 0.7%, down from 1.1% this time last year.
Adelaide and Darwin are also close to multi-year lows, while Hobart continues to be the most competitive capital city to find a rental property.
Hand in hand with the ACT’s low vacancy rates, rental prices are increasing. Canberra remains the most expensive capital city in Australia to rent, with the median weekly rent sitting at $630 for a house and $500 for a unit.
Domain’s senior research analyst Dr Nicola Powell said last month the rise in prices in unsustainable, with weak wages growth unable to support ongoing rental increases.
ACT Council of Social Service (ACTCOSS) CEO Emma Campbell said research published by the Everybody’s Home campaign for Homelessness Week, 1-7 August, found the lack of affordable housing is pushing essential community workers into financial stress.
These workers would need to use between one-third and two-thirds of their weekly wages to afford an apartment in most of Canberra’s suburbs, with rents in the Inner North requiring more than two-thirds.
“Housing insecurity and homelessness are no longer issues only affecting Canberrans accessing community services,” Dr Campbell said.
“They are also a real concern for the community sector workforce who cannot afford the rising rents of Canberra’s houses and apartments.
“The COVID-19 health and economic crisis has highlighted the importance of our essential health and community sector workers These are the people who have helped us get through the pandemic. Yet, across the ACT, these workers cannot compete for rental properties.”
Advocacy groups have also cited lack of affordable housing as a key reason for the ACT’s rise in rates of homelessness.
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