Excess supply has pushed prices lower in all of Australia's capital cities except Canberra, according to report by Office Hub. Sydney and Melbourne saw prices fall 5% and 10%, respectively. “There is very limited supply so with a reasonable level of demand, prices are continuing to rise the same way they did in Sydney and Melbourne when they had hardly any workspaces.” Canberra, where co-working has been slow to gain traction due to the dominance of government-related businesses, saw rates rocket 40%. The average price for a one-bedroom apartment rose from $1,850 last year to $1,900 this year, while rents have risen more than 20% over that period. Office Hub founder and CEO Grant Philipp said the emergence of international providers in Australia has been a game changer and predicted the market will double over the next three years.
Excess supply has pushed prices lower in all of Australia's capital cities except Canberra, according to report by Office Hub. Sydney and Melbourne saw prices fall 5% and 10%, respectively. Canberra, where co-working has been slow to gain traction due to the dominance of government-related businesses, saw rates rocket 40%. The average price for a one-bedroom apartment rose from $1,850 last year to $1,900 this year, while rents have risen more than 20% over that period. Office Hub founder and CEO Grant Philipp said the emergence of international providers in Australia has been a game changer and predicted the market will double over the next three years.