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09 Aug, 2021

How Much Does It Cost to Live in Canberra?

The capital of Australia-Canberra is the largest inland city in the country. Besides its lush greenery and oceanic climate, the city is reckoned for its strong heritage, cultural diversity, thriving economy and top-notch education facilities. What’s more, Canberra is excellent for establishing a business or boosting your career as a working professional since the Australian Government and several major industries provide abundant opportunities. It is among the best cities to live in the world.

Every year, people migrate to the Australian Capital Territory (ACT) from New South Wales, Queensland, and other states. Therefore, if you plan to move to Canberra, you are not alone. Relocation is a major life decision, and you must know about the cost of living in the city before packing your belongings, hiring professional removalists in Canberra, and preparing for the move. Thus, have a look at this complete guide to know more about the city’s affordability.

Residential Property Prices & Rent

As of March quarter 2021, the average price of residential dwellings in the ACT is $809,600, lower than other major states like New South Wales ($1,011,100) and Victoria ($834,600).

The house prices have grown after they took a hit in 2020 due to the COVID-19 pandemic, meaning if you buy a property in Canberra, it is a significant investment, as you can get an excellent rental yield plus appreciation value is good.

Overall, in the ACT:

• The median house price is $905,325, and the weekly rent is $650
• The median unit price is $520,900, and the weekly rent is $510
• The median weekly rent for a three-bedroom house is $570, and a two-bedroom unit is $520
• Over the year, the rent can increase by 6.5% and 4% for houses and residential dwellings, respectively, as per the Real Estate Institute of Australia (REIA) Market Facts Report.

Thus, you should calculate the costs and create a budget for your move accordingly, especially if you plan to rent a residential property in Canberra.

Transportation

Canberra is a well-planned city with a great public transport system and a commute time of about 30 minutes even from the outer suburbs. Travelling by buses or the light rail is economical since you can get a MyWay Card. It is a smartcard that allows you to travel on Canberra’s public transport.

What’s more, for every passenger, it calculates the cheapest fare and provides concessions as per the user’s eligibility and daily/monthly fare caps. Thus, travelling in the city is feasible for students, working professionals, the elderlies, families etc.

Affordable Suburbs To Live In Canberra

Canberra has its share of high-end areas with average residential property rates of over one million dollars. But, the city also has affordable housing options and regions like Woden Valley and Belconnen. There are suburbs close to the central city in these areas with modern amenities, eateries, healthcare facilities, shopping centres, and much more.

Here is a list of cheap Canberra suburbs you should consider while planning your move. These areas are well-connected, and reputed removalists in Canberra can comfortably help you relocate here.

Belconnen

This suburb mostly has independent youths and young families since the area offers affordable housing options. The median rates here are mentioned as follows.

• House for Buying: $585,500
• House for Renting: $495 per week
• Unit for Buying: $415,500
• Unit for Renting: $450 per week

Ngunnawal

The Central Business District of Canberra is about a 20-minute drive to this suburb, and still you can find cheap houses or units here. Currently, it is an average demand market, meaning you get a better selection opportunity. The median rates here are mentioned as follows

• House for Buying: $630,000
• House for Renting: $540 per week
• Unit for Buying: $500,500
• Unit for Renting: $470 per week

Phillip

Like Belconnen, Philip is also the preferred place to stay for students, single working professionals and families due to its affordable housing options. Plus, it is only 13km away from the central city, making it a suitable area to live for people moving to Canberra for the first time.

The median rates here are mentioned as follows

• House for Buying: $580,000
• House for Renting: $540 per week
• Unit for Buying: $500,500
• Unit for Renting: $470 per week

In addition to these, other suburbs where you can easily find economical housing options in Canberra include Florey, Mawson, Banks, Curtin etc.

Conclusion

The cost of living in Canberra is moderate as it is neither high nor extremely low. It is suitable for students, working professionals, and families since the city is safe, economically sound, well-connected, and thriving. People here are warm, friendly, and culturally inclusive. Thus, you should consider moving to the city if you can buy or rent a residential property here and manage additional expenses of packing, hiring removalists in Canberra etc.