The Canberra suburb where house rent increased annually by over 30 per cent

Canberra is still wearing the crown as the most expensive capital city in which to rent a house for the seventh consecutive quarter, and as the median weekly asking price for the capital continues to rise, so does the cost for individual suburbs. 

According to the latest Domain Rent Report, the suburb of Wright in the Molonglo region recorded the strongest annual change in the median weekly asking price for a house in Canberra, rising by 31.7 per cent year-on-year to $810. 

Senior leasing consultant Georgia Hall of Independent Property Group said the jump was likely to be due to the noticeable increase in rental availability in the area compared to others. 

“I have definitely noticed an increase in popularity from renters in Wright this year,” she said. 

“There seems to be some really great terrace and townhouse options that are hitting the perfect price point for what they are in terms of size.

“They also have much better proximity to central Canberra than other newly developed suburbs further north in Belconnen or Gungahlin.” 

Wright’s location and the opportunities as a new suburb are also drawing in family groups, according to property manager Brooke Lloyd of Canberry. 

“From our experience with renters, they often come with a certain distance requirement to the CBD, and Wright has great appeal in that regard,” she said. 

“Other people are building as it’s still a new area, and some have friends who have recently moved there. 

“Lifestyle choices and outdoor living close to Stromlo are all appealing, and the prospect of shops and schools in the future are attractive to young families.” 

Following Wright, the suburb with the second strongest change in median weekly asking rents was Pearce in the Woden Valley region, up 25.4 per cent year-on-year to $715, and then Throsby in the Gungahlin region, with its median weekly asking price up 23.6 per cent over the year to $850. 

Despite recording the largest annual increase, Wright isn’t the most pricey suburb in which to rent a house in Canberra with Red Hill, in the Inner South, taking out the top spot with a median weekly asking price for a house at $1095, up 21.7 per cent year-on-year

Agent Sarah Hussey of Purnell said inner-city Canberra areas like Red Hill and Griffith remain as popular as ever, pushing rents up further.

“[These suburbs have] always been popular with renters, because the houses are spacious and so are the block sizes,” she said. 

“It’s also an opportunity to live in an area that sits in the catchment for popular schools and it’s a central position to the rest of Canberra.

“It is very popular for many families that have children going to schools nearby, Defence and DFAT personnel, and diplomats.”