Canberra renters could experience a slight reprieve from the scorching hot rental market with almost a 30 per cent increase in supply recorded in the latest PropTrack Rental Report for June 2022.

The ACT reported a year-on-year change of 29.2 per cent in new rental listings, only outdone by regional Northern Territory which recorded a 76 per cent increase.

The number of potential renters per listing has declined by 19.2 per cent, consistent with the increase in new listings.

The increase in listing volumes has been an encouraging sign for potential renters, according to PropTrack.  

But the major issue remains the insufficient supply, and these new listings are failing to make a substantial dint in the market.

In June 2021, Canberra’s rental properties sat on the market for 18 days on average, while in June 2022 it was an average of 21 days.

According to PropTrack director economic research, Cameron Kusher, these latest figures are a positive sign for Canberra renters.

“It’s still a very tight market with rental prices up 8.4 per cent annually, but there’s a little bit less heat in the Canberra market and more choice in rental stock,” Mr Kusher said.

“The reduction in potential renters per listing is mainly driven by the fact there’s been a significant increase in listings. The number of potential renters is up 10.2 per cent, so there’s more demand out there signifying more supply, pushing the number of potential renters lower.

“Canberra properties are generally leasing pretty quickly, although because of that additional stock there’s a bit more choice out there. We see that rental listings’ days on site has increased in most other capital cities, but it’s gone the other way in Canberra; since conditions have tightened, days on site have slightly reduced.”

In the 12 months from June 2021, the suburb of Wright saw the largest growth in median weekly rent for a house at 37.46 per cent, reaching a median price of $1,000 a week.

For units, the suburb of Cook saw the largest weekly rental growth at 30.95 per cent, reaching a median price of $550 per week.

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