Ensure you never miss an issue of the
real estate business bulletin
State of Markets – ACT February 2012

State of Markets – ACT February 2012

by Phillip Tarrant 0 comments

Essential information, plus expert insight on what is shaping the national property market...

AUSTRALIAN CAPITAL TERRITORY

Fast Figures

  • $465,000 – median unit price in Kingston, ACT
  • 5.5% – average gross rental yield for Kingston units
  • 9.4% – three year growth for Kingston units

ACT property more affordable: report
Properties in the ACT have become more affordable due to increased wages and reduced interest rates, according to the latest Housing IndustrY Association-Commonwealth Bank affordability report.

“A combination of healthy earnings growth and a slight decrease in mortgage lending rates drove the September 2011 quarter improvement,” the report said.

This is the third straight quarterly improvement recorded.

“The median dwelling price in the ACT was relatively unchanged in the September 2011 quarter, posting an increase of 0.1 per cent to $542,600.

“Average weekly ordinary time earnings of an adult working full time increased by 1.2 per cent during the quarter while the average mortgage lending rate over the quarter was down by 0.03 percentage points.”

Price growth partially offset the affordability improvements, the report said.

With a combined rise in average earnings and current cuts in mortgage interest rates, the affordability index reported a 1.8 per cent improvement over the September quarter.

However, this is still 0.8 per cent above the September 2010 level.

Canberra population to surge
Demand will outpace supply in Canberra, benefitting investors as a result, according to new research from Colliers International.

With the capital’s population set to surge by 20 per cent by 2031, demand for housing – particularly smaller lots – will grow, according to the Research and Forecast Report: Canberra Communities.

ACT apartments saw record median rents late last year, with two-bed apartments reaching $440 per week.

The ACT Planning and Land Authority’s Canberra Spatial Plan – which includes Gungahlin, Molonglo Valley and the Kowen Plateau – is designed to provide direction for residential development to ensure the market is not oversupplied.

State of Markets – ACT February 2012
lawyersweekly logo
promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

The REB Top 100 Agents ranking is the foremost ranking of agents in Australia. It has set the bar for excellence in Australian real estate. To be ranked as an REB Top 100 Agent is the standard real estate professionals strive for. See the full 2018 ranking here!

featured podcast

featured podcast
An industry where the resilient succeeds

Tim Heavyside believes that a strong support team and good foundations are paramount to success in the real estate industry, and with regu...

View all podcasts

Would you consider working for Purplebricks or a similar 'DIY' model?

Yes (7.2%)
No (80.9%)
Perhaps - make me an offer (12%)

Total votes: 209
The voting for this poll has ended on: July 13, 2018
Do you have an industry update?