Canberrans stung by biggest property rate hikes in the country

Canberra may not top the national list for the most expensive housing in the country – we place second behind Sydney – but has recorded the steepest hikes in property rates over the past decade.

According to Money.com.au, property rates surged by 83 per cent in the ACT, significantly more than in any other capital city.

A decade ago, owners paying $1000 in annual rates would now pay nearly double at $1830.

Money.com.au’s finance expert, Sean Callery, says rates are a growing concern among home owners, particularly in Canberra, which experienced an increase more than twice the national average of 39 per cent.

“Rates act like a ‘silent mortgage’, one that home owners can’t shop around for or negotiate,” he says.

“They’ve become a nationwide concern, with our recent survey revealing that 18 per cent of Australians rank them as their most dreaded bill, ahead of insurance premiums and childcare costs.”

Nationally, property rates and charges rose 4.9 per cent in 2024 – outpacing costs of maintenance and repairs, utilities and other housing expenses.

The only expense that rose faster was rent, which increased by 6 per cent, according to ABS data.

In Canberra, the trend reversed, with property rates rising 3.7 per cent in 2024, while rents increased by only 0.57 per cent.

Money.com.au’s data and research expert, Peter Drennan, says property rates typically increase once a year, often reflected in the September quarter.

“Any rate changes – and they’re usually increases – typically come into effect from July 1, meaning home owners start seeing the impact in their September quarter bills,” he says.

Hobart home owners experienced the second-highest increase at 46 per cent, with Brisbane trailing slightly at 43 per cent. In Melbourne, property rates rose in line with the national trend at 39 per cent. In comparison, Sydney home owners faced a slightly lower increase of 35 per cent, according to inflation data from the Australian Bureau of Statistics.