I stayed here two separate weeks in June 2005. It's well placed in the downtown, 'Civic' area of Canberra, which does on the other hand mean it's pretty quiet at night. Rooms consist of several bunkbeds with some rentable lockers. Longer term lockers are also available on the first floor for you to leave your stuff so you don't have to drag it around before you catch your bus back to Sydney.
You can rent an entire room on your own if you like, I ended up with a 4 bedded room on both occasions. It's a bog standard urban hostel, which is pretty much what I was looking for and one of the cheapest options in Canberra.
I wasn't really disattisfied with this place but I couldn't rave about it either. You can be as anonymous as you like, and I like that in a hostel. While I was there, my window leaked during a rain storm all over my rucksack, I discovered that the night porter was ALWAYS that rude and that hostel kitchens are vile and unhygenic.
Unique Qualities: The place has a bottle shop, a small swimming pool and an equally small gym with, oddly, a ping pong table. In summer the roof top bbq area looks like it could offer a cool place to sit out of an evening. There's also a bar in the basement which is ok to unwind in, a cafe/restaurant which also has some computer terminals from which to access the internet.
TIP1: Go round the corner to a different internet cafe which is about half the price. Just ask at the reception and they'll happily give you directions.
TIP2: The photos on their website are sort of representative. Sort of... That is, in reality the place is looking quite a bit more tired than on their website, but still no dump.
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Theme: Hostel
Comparison: least expensive
Prices: US$20-40
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Phone: 02 6257 3999
Address: 7 Akuna Street, (Formally known as Canberra City B
Directions: About 4 blocks walk east of bus station, corner of Akuna and London Circuit.
Website: http://www.canberrabackpackers.net.au/