The median house price in Canberra as of February 2020 was $745,000, lower than only Sydney among capital cities of more than 100,000 people, having surpassed Melbourne and Perth since 2005. The median weekly rent paid by Canberra residents is higher than rents in all other states and territories. As of January 2014 the median unit rent in Canberra was $410 per week and median housing rent was $460, making the city the third most expensive in the country. Factors contributing to this higher weekly rental market include; higher average weekly incomes, restricted land supply, and inflationary clauses in the ACT Residential Tenancies Act.