Canberra hit by concerns about public sector job shedding: APM

The Canberra housing market continues to tread water, weighed down by a faltering local economy and concerns about public sector job shedding, due to a deteriorating federal budget, according to Australian Property Monitors.

Prices growth is expected to remain subdued as a consequence, with the April unemployment rate at 4.7%, the highest April rate recorded in the ABS series for the city, and well ahead of the 2.9% recorded over April the year before, Dr Andrew Wilson, the APM senior economist said.