Read Time: 4 minutes
Let's take a closer look at our nation's capital and sleeping giant.
Some might think stuffy politicians and bureaucracy, however, the nation's capital is far from it. Home to the National War Memorial, Questacon (The National Science and Technology Centre), the National Portrait Gallery and many more amazing museums & galleries and world-class universities, such as ANU and the University of Canberra. There is also a burgeoning food scene, with two-hatted* restaurant Aubergine and one hated* restaurant Pialligo Farmhouse, areas like Braddon and Kingston Foreshore are also full of great restaurants, bars and cafes.
Canberra mixes city living with the beauty of Australia’s wilderness - in one direction you have the hustle and bustle of the city and 10mins in the other direction beautiful nature walks with only the animals to keep you company. Also being two hours from the beach and two hours from the snow gives surfers and boarders the best of both worlds.
The city is becoming more connected locally and internationally with the stage one construction of the 12km light rail network from the city centre to the Gungahlin Corridor and in September last year the opening of the international terminal at Canberra airport with Singapore airlines flying direct to New Zealand and Singapore - providing greater access to Asia and Europe.
Naturally, the main industry in Canberra is the federal government, with many public service agencies and defence force establishments in the area. The economy and housing market are influenced by the federal government and the increased government spending is giving the local economy and housing market a boost after a few sluggish years.
Canberra is now in a rising market and we believe there are great long-term prospects, let us look at some of the facts:
• In 2016 Canberra's asking prices have risen by 5% for houses
• Vacancy rates dropped from 2.0% to 1.1% (as of September 2016)
• The weekly asking rent prices have risen by 12% for house in 2016
• We are expecting a bullish market for investors in 2017
• Ranked second nationally for economic growth (behind Sydney only)
• Moved into the third spot nationally for retail spending (behind NSW and VIC). This is up 11.6% on the decade average
• In terms of annual growth of retail trade, the ACT is the strongest (up 5.1%)
• The ACT sits third nationally (behind NSW & VIC) for business investment
• Projected population growth is steady at 1.28% (fourth nationally)
• New dwelling starts is up 22.1% illustrating strong growth and new job opportunity
• Ranked number one nationally for home lending (19.2% above the long-term average)
• 12-month capital gains in housing and units at 9.60% and 5.09% respectively
Never judge a book by its cover:)
Know how the Canberra leasehold system works? Get up to speed here.
Milk Chocolate was founded seven years ago by Richie Ragel and Michael Cleary, to purchase residential and commercial property in Australia on behalf of our clients, looking for a home or investment property. To see how we can help you get in touch here.
*Fairfax Good Food Guide
Transport Canberra / SQM Research / Domain (Fairfax) / Visit Canberra / Canberra Airport
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