Canberra Real Estate
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Canberra in the ACT is the national capital and is situated between Sydney and Melbourne. The city has a much smaller population at around 350,000 people. Real estate in Canberra is sets an average house price in excess of $400,000 and an average unit price of almost $350,000. A shortage of rental properties is pushing returns higher for property investors with units and flats looking the most attractive at this point.
It has been a very active property market in North of Canberra from January to May 2007. Some properties are selling over the phone and others well ahead of their full completion in the price range of $450,000 - $620,000. The Government's release of smaller and more expensive parcels of land in Forde and Franklin is helping to sell the reminder of properties in Harrison and Gungahlin but does not help first home buyers or low income earners.
As a result of the sudden demand for Harrison/Gungahlin properties, prices have gone up on average from $15,000 to $60,000 in the last 2 months in Harrison and are still continuing to rise. The demand for these properties did not ease with higher prices.
High confidence in the economy including low interest rates, good employment trend with the possibility of extra few thousand government jobs next year and strong rental return on investment properties in the ACT, have contributed to the demand. For example, a 2 bedroom fully furnished apartment near Civic for $690pw for 6 - 12 months. The return on that property is 11.7%! The demand for fully furnished apartments near the city and for houses in 15 to 20 minutes drive to the city is growing as more people come to Canberra for work reasons hence another reason to buy investments in the ACT. Canberra's real estate is becoming a very sort after investment, and with prices rising every day, it is very quickly becoming extremely hard.
