Is Queanbeyan still Canberra’s best-held secret for rental affordability?

While rents for both houses and units went up in Canberra over the previous quarter, what was once considered the capital’s cheaper alternative area is also experiencing significant growth, data shows. 

The latest Domain Rent Report reveals rents in Queanbeyan went up by more than any Canberra region year-on-year, recording a 10.5 per cent increase to $660 a week for houses and a 17.1 per cent growth to $410 a week for units. 

Out of all the Canberra regions, Queanbeyan ranked the fourth most affordable for houses and remained the most affordable for units despite the large rise in median weekly asking rents year-on-year. 

Property manager at Ian McNamee & Partners Queanbeyan/Jerrabomberra/Canberra, Jasmine Henjak, said Queanbeyan had seen an interesting change in its rental market in the past six months. 

“There was a high demand for rental properties back then, with a large number of attendees at open homes, numerous applications received each time and properties being rented out after only one viewing,” she said. 

“However, over the past four months or so, there has been a decline in demand with properties being opened for inspection on average three to four times, with fewer applications received and a noticeable drop in attendance.

“This has meant we have needed to put in much more effort to secure rental agreements … it appears that the number of rentals in the area has approximately doubled over the past six months.” 

Henjak added there had also been a change in the type of people coming to view Queanbeyan rentals.

“The number of people relocating from Canberra has decreased, but during the December and January period we had a higher number from interstate moving for work,” she said. 

Over the December quarter, Canberra’s overall median rents went back up after a period of decline, reaching a record median weekly asking rent of $690 for houses. 

Domain chief of research and economics Dr Nicola Powell said despite the previous drop, Canberra still remains the most expensive city in which to rent a house or unit. 

“However, rental growth continues to slow, with the annual pace at its lowest rate in two years,” she added. 

“This also aligns with the general stabilisation of rents in most Canberra regions in the December quarter.

“Affordability constraints, the return of overseas migration and foreign students have helped support the demand for units [which has] resulted in unit rents outpacing the quarterly growth of house rents for the third quarter in a row.” 

As the gap begins to close between rental prices in Canberra’s regions and Queanbeyan, Henjak said the appeal of Queanbeyan was instead playing a larger role in drawing renters in. 

“There are many advantages to living in Queanbeyan … its close proximity to Canberra centres make it a very convenient location for commuters,” she said. 

“Queanbeyan also has a strong sense of community, with excellent sports teams and a variety of great cafes, pubs and restaurants.

“The town is known for being friendly and welcoming, which adds to its appeal as a great place to live … there are many advantages to living in Queanbeyan.”