Canberra springs back from bottom of market for units: HTW property clock
Canberra was at the bottom of the market position in April, but in the latest Herron Todd White's property clock for units -- a simple broad brush means of indicating where property prices are in May 2016 - the capital city was back to a market in decline.
Meanwhile, NSW's Coffs Harbour was the only one to drop out from the peak of market position in April. Melbourne, Dubbo, Horsham and Newcastle are still rooted there in May.
Other notable changes included Queensland's Toowoomba improving from approaching the bottom of market cycle in April to a starting to decline position.
The maximum number of cities/towns in the May property clock for units, numbering 16, were again at the start of recovery cycle, much like April's property clock, which had 17. Only Tamworth had dropped out from the list and made its way into the rising market cycle.
May's property clock also deals with heritage properties.
Property Observer had covered Canberra's fringe property market from HTW's April property clock, mentioning it has undergone much development within the past 24 months. The once greenfield sites on the fringes of the city are now being developed into well planned and flourishing suburbs providing opportunity for owner-occupiers, investors and government housing alike.
