Canberra’s rental prices fell slightly over the quarter, one of only two capital city markets to record a decline, according to the PropTrack Market Insight Report.

The report found that the median advertised rental price in Canberra was $600 in the June 2024 quarter, which was unchanged compared to a year ago. Sydney remains the most expensive capital city to rent a home, rising 2.8% to reach $740 per week.

While recording a slight decline (-0.7%) over the quarter, the median rental price for houses in Canberra remains the second-most expensive in the country at $695 per week in June.

For units, ACT has recorded a decline (-1.8%) over the quarter, with the median rental price dropped to $560.

Key findings from the report:

• Median advertised rents in Canberra fell 1.6% over the June quarter to $600 per week.
• However, compared to the June quarter 2023, rents in Canberra were unchanged, providing some reprieve from the strong rent growth recorded since the pandemic.
• House rents in Canberra declined 0.7% across the quarter to sit at $695 per week – the second most expensive house rental price in the country, behind Sydney.
• Unit rents in Canberra fell by 1.8% over the June quarter to sit at $560 per week. This marked 1.8% growth compared to the same time last year.