ACT property market continues to be driven by strong government employment: HTW residential
The ACT residential property market continues to be driven by high wages support by strong government employment and low general unemployment, according to a recent Herron Todd White (HTW) residential report.
The current COVID-19 epidemic is going to have a negative impact on key drivers, so it will be interesting to see what impact this may have on the property market in the short to medium term, the valuation firm said.
The public service accounts for 42% of the ACT’s total workforce which is heavily responsible for the strong $108,000 per year median income in the ACT.
The report suggests the high median income keeps property prices on the high comparative to the rest of Australia.
The median house price in Canberra currently sits at $691,000 (January 2020) compared to the national average of $809,000 (January 2020) making it the 3rd most expensive Australian city behind Melbourne and Sydney.
A four bedroom house in Gordon has recently been sold for $685,000.
Set on 525sqm, the 21 Rollins Place home (pictured below) comprises formal lounge, informal living area, kitchen, four bedrooms and study nook.
It is located within walking distance to Point Hut Pond, playgrounds, schools, shops and transport.
Property under the $600,000 mark continues its popularity among first home buyers, which is likely to continue.
A current listing is a Harrison townhouse priced at $410,000.
The three bedroom, two bathroom home is situated at 159/22 Kings Canyon Street (pictured below).
The townhouse features courtyards, galley style kitchen, large under stair storage and double enclosed garage.
The weakening economy due to the Coronavirus pandemic makes short term conditions unpredictable.
Strong government employment suggests that the ACT’s unemployment rate will remain low and the ACT local economy will remain stronger than other economies relying heavily on private sectors.
However market conditions are unpredictable and the unprecedented circumstances provide little guidance in what may happen in the near future.