Sales of larger apartments may be proving sluggish, but rental returns on three-bedroom units have skyrocketed over the past year.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
The median rent for a three-bedroom unit in Tuggeranong surged 9.1 per cent over the past year to $448 a week, according to recent data compiled by PRDnationwide and the Real Estate Institute of Australia.
It surpassed the rental increase for three-bedroom apartments in Woden and Weston Creek, which jumped 8.7 per cent to $500 a week, and also exceeded the 4.7 per cent increase recorded for three-bedroom units in Belconnen, Gungahlin and Hall.
Conversely, single-bedroom units across several Canberran suburbs failed to show any boost in rental prices.
One-bedroom apartments in Woden and Weston Creek, Belconnen, Gungahlin and Hall, as well as the inner city area, recorded no increase in median weekly rents over the past year.
Real Estate Institute of the ACT president Craig Bright said the price surge in larger units was being driven by supply and demand.
He said most large apartments in Canberra were bought by owner-occupiers, leaving fewer three-bedroom units for rent.
''There's always a little bit of pent up demand for those,'' he said.