Essential information, plus expert insight on what is shaping the national property market...
AUSTRALIAN CAPITAL TERRITORY
- $530,000: Median house price in Canberra (RP Data)
- 49,508: Number of single-occupancy households forecast for 2031 (ABS)
- 35,390: Current estimated number of single-occupancy households (ABS)
New town to bring jobs, housing to region
A new multi-billion dollar town planned for 20 minutes from Canberra’s town centre will inject the region with jobs and housing activity, leading development companies claim.
With building set to commence this year, the township of Googong will bring 5,550 new homes and over 2,370 jobs, according to CIC Australia and Mirvac.
The town will house 16,000 people, with development to occur over the next 20 to 25 years and the first residents moving in next year.
The companies expect the region to generate $185 million annually for the retail sector, with $283 million to be spent on amenities and infrastructure.
CIC project director Mark Atwill said this would bring hundreds of millions of dollars worth of high quality facilities, benefitting the wider ACT community, not just the township.
The next ACT budget will include an extra $22 million for upgrading and maintaining urban amenities in Canberra on top of the $120 million already dedicated to infrastructure and services upgrades, Chief Minister Katy Gallagher has announced.
Funding for the Urban Improvement Fund will come directly from developers of housing and commercial projects, said deputy chief minister and treasurer, Andrew Barr.
“The ACT Labor government recognises the important contribution that is made by developers through their building of housing and commercial developments,” he said, “but it is also fair that when they make large profits from varying the lease on their land for development – making it more valuable – that the community also benefits.
“I expect developers to also benefit from the improved amenity of our city and should acknowledge that their contribution will now go directly to improving the very city they choose to invest in.”