Rental prices in Australia have soared to a new record high but one capital city is now CHEAPER – so would you move there?

With record rents across the country, Canberra has bucked the trend and is actually cheaper.

The average rent in the national capital fell 0.7 percent compared to this time last year, to $685 per week, according to The latest rental report of the domain before March 2024.

Nicola Powell, Domain’s head of economics and research, said the rent drop was driven by an increase in supply in Canberra and a slight decline in population.

Average rent in the national capital fell 0.7 percent compared to this time last year, to $685 per week, according to Domain’s latest rental report for March 2024

“Canberra has lost more people to other states and territories than it has received people, and that has depressed rental demand,” she said.

“Canberra has had better rental conditions and technically it was the only capital to enter the conversion phase with a balanced market.”

With the new national rental average at $630 per week, Aussies are spending more on a roof over their heads every week than ever before.

However, some relief may be on the way.

Canberra (pictured) had negative migration resulting in more rental properties becoming available, impacting rental prices

Dr. Powell believes a “tipping point” for rents will be reached in 2024.

The economist said fewer applicants per rental is an early sign that vacancy rates could decline.

“Also, international student visa applications have turned around and started to decline for the first time in more than two years, population growth has likely peaked and the federal government has introduced a migration strategy that will slow population growth,” she says. said.

Dr. Powell also said federal and state governments have introduced more incentives for homebuyers, which could also help alleviate the overheated rental market.