The Canberra suburbs where rentals are snapped up the fastest

Rentals in Canberra’s northern suburbs are more likely to be snapped up the fastest, new Domain data shows.

Based on an analysis of days on market for rental properties, there’s high demand for rentals in Bruce and Belconnen. The two suburbs had the shortest average days on market in the 12 months to April 2019.

In Bruce, homes are leased out within 17.4 days, and Belconnen 18 days. There is a high student population in both these suburbs.

Canberra suburbs with shortest days on market for rentals

Affordability played a factor in the high demand of these suburbs, according to Independent property manager Ashleigh McGregor but she said location was the prime factor.

“It’s mainly due to the location and the close proximity to the main hubs, the city, CIT, Calvary Hospital, University of Canberra and the high number of public service offices,” she said.

“Bruce and Belconnen are primarily apartments, and it’s a higher investment market than other Canberra suburbs.”

Coming in at third is the south side suburb of Gordon where the average days on market for rentals is 18.3. It is one of only two southern suburbs to place in the top 10.

Macquarie and Macgregor round out the top five at 18.8 days.

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Inner-city suburbs, with higher rents, tended to be listed for longer, said Domain research analyst Eliza Owen.

“It looks like the closer the suburb sits to the CBD centre there are slightly higher days on market, so perhaps it means not as many people can afford to pay rental rates in these areas and that’s why it takes slightly longer for properties to rent out, potentially,” she said.

Canberra suburbs with longest days on market for rentals

The suburb where properties take the longest to be leased is Forrest at 36.5 days – which is unsurprising, as Forrest is Canberra’s most expensive suburb to buy.

The data shows Deakin, Red Hill and Yarralumla also have some of the longest days on market.

Overall, the average days on market for rentals in Canberra is 23 days. Out of the capital cities, this is the second lowest average with Hobart in front at 17 days.

Average days on markets for the capital cities

In the 12 months to April 2019, the average vacancy rate for the nation’s capital was 0.9 per cent.

“Canberra’s rental market has relatively few dwellings for rent than we have seen in previous years,” Ms Owen said.

“This has led to a lower level of average days on market and it’s also reflected in a low vacancy rate.”

Since the December 2018 quarter, Canberra house rents have been the most expensive out of the capital city.

The median asking rent for houses is $570 per week according to the latest Domain Rental Report.