Affordability an issue for Canberra property upgraders

Affordability an issue for Canberra property upgraders
Affordability an issue for Canberra property upgraders

The Canberra residential market is complex with many factors interacting to affect demand, supply and ultimately prices, according to the latest Herron Todd White report.

The valuation firm suggested on a macro level, the Canberra residential market - aided by historically low interest rates - has a number of underlying positives including generally strong employment and a perception of good job security.

"With a transient population and periods where government departments employ graduates and new staff, both rental and sales demand increase.

"Population growth and interstate migration are considered main market drivers.

It suggested demand for family homes is a local market driver, second and third home-buyers with families are looking for centrally located housing in close proximity to schools and services.

Affordability remains an issue for this section of the market, HTW advised.

"With the sitting Liberal government re-elected, public service employment prospects remain steady, although some caution was evident in the lead up to the result.

"Winter is also traditionally slightly slower, so there is an expectation that Spring conditions and improved certainty after the election result will improve the overall market position."

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

Canberra Residential Market

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