After a period of downturn, Canberra rents are back on the rise, with weekly rents in some parts of the capital now at record highs.
The median weekly rent for a Canberra home was $674 at the end of April, the latest rental market update from CoreLogic shows.
The report found rents in the capital rose 0.6 per cent over the month, contributing to a 1.9 per cent quarterly rise.
Rents were firmly in upswing, the report found, after a downturn in 2023.
"Canberra house rent falls bottomed out at -3.4 per cent in the year to September, though rents have been rising over the past seven months, taking the market back into a year-on-year increase of 1.8 per cent," the report stated.
Houses led the upswing, with rents up 1.9 per cent over 12 months, while Canberra unit values rose 1.5 per cent.
Homes in Weston Creek saw the biggest annual growth in rents, up 3.4 per cent in the year to April to a median value of $679 per week.
Tuggeranong followed with a 2.8 per cent rise to $674 per week, while North Canberra rents rose 1.8 per cent to $688 per week.
Molonglo was the only district where rents were still down over the year. The median rental value fell 0.4 per cent to $674 per week.
The report found rents in North Canberra, South Canberra ($719 per week) and Tuggeranong were at record highs.
Canberra's median weekly rents remain the second highest across the capital cities, behind Sydney at $770 per week.
Weekly rents across all Australian homes rose 8.5 per cent annually to a record high of $627 per week, CoreLogic found.
The report stated annual rent growth had "once again started gathering pace".
The national "re-acceleration" in rents could be due, in part, to renters being forced outside of metropolitan areas to find more affordable homes.
"Areas where rents are slightly lower may offer more space for group households or have slightly less competitive rental conditions which are potentially being more targeted by prospective tenants," the report noted.
