Canberra Asking Rents Rise in SQM’s November 2024 Update
The report records a 2.3 per cent monthly rise in combined asking rents, alongside an October vacancy rate of 1.7 per cent.
By Estate Guide Online Editorial1 min read
Photo: Matthew Willimott on Unsplash on Unsplash
The rent and vacancy snapshots
Canberra’s combined asking rents rose 2.3 per cent over the month leading up to 12 November 2024, reaching $655.82 a week in SQM Research’s Weekly Rents Index. The combined measure covers houses and units.
The same release records Canberra’s October rental vacancy rate at 1.7 per cent, slightly below September. The asking-rent and vacancy figures have different observation windows, which matters when reading them together.
An advertised price is a starting point
An asking-rent series measures the advertised market. It does not establish the final rent agreed in every new lease, or the average amount paid by households already in a tenancy.
A combined house-and-unit figure can also differ from a house-only or unit-only series. For an applicant, the relevant comparison is between available properties with similar accommodation and in locations that meet the household’s needs.
How the vacancy measure works
SQM calculates vacancies using rental listings advertised for three weeks or more relative to established rental stock. A home that has only just been advertised will not yet meet that threshold.
The rate provides context for rental availability across the city. It cannot describe the number of suitable homes available to a particular household or predict the terms of its next lease. Weekly asking prices, inspection results and the timing of a move provide more specific information alongside the broader market indicators.
Sources
- National Vacancy Rates — October 2024 and Weekly Rents Index update — SQM Research, 12 November 2024
This article is general editorial commentary, not financial or property advice. Figures are drawn from the published sources above and were current at the time of writing.
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