ACT Canberra Property 2016

Discussion in 'Where to Buy' started by Rotciv, 9th Jan, 2016.

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  1. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    I keep a close eye on the Inner North - and it's going nuts! Went to two auctions in Downer last weekend - they both went for high 700s and were 3 bedroom houses. A year ago they might have went for mid 600s.

    There's not much supply and plenty of demand.

    Seems to be a general upswing for houses almost everywhere in Canberra.

    Cheers

    Jamie
     
  2. jins13

    jins13 Well-Known Member

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    Still a bargain in comparison to some of the yurky stocks in Sydney.
     
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  3. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Agree 100% - and this area is 4km from the city so an easy commute or even ride into the CBD.

    Cheers

    Jamie
     
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  4. S1mon

    S1mon Well-Known Member

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    yeh i would go chifley too..the planned light rail to woden will help there too (well maybe some of the suburb)

    as for canberra, things seem to be ticking along nicely. fair few 'suburb records', and lots of auctions!! i have only been to a few in the last few months but they were competitive / good results imo (around belconnen)

    see they plan to build 1300 apartments in the labour club car park in beclo!!! :(
     
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  5. dmb1978

    dmb1978 Well-Known Member

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    Howdy, I would say it would come down to what your friend is looking for. Chifley is a little more reserved with a small local shop and cafe scene, whereas Mawson has a large shopping complex with a Woolworths, gyms, restaurants and clubs etc. Granted there is a Westfield a short drive from both. Mawson also has a lot of townhouses but Chifley has a higher percentage of houses with them both having a similar amount of unit complexes of similar style and age.

    Also Mawson has more schools. I'm pretty sure Chifley only has a pre-school.

    They are both very similar on price and easy to get in and out of.
     
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  6. mini2

    mini2 Well-Known Member

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    That's just the Southlands side of Mawson, don't forget there's also the Yamba Dr side of Mawson too ;) most of the schools are closer to the Yamba Dr side anyway. The townhouse near me on the Yamba Dr seems to move quickly, one recently gone in less than 2 weeks and others sold this time last year took less than a month. There's older townhouses that doesn't have strata and on separate titles too. Don't forget Mawson Primary catchment could be beneficial if the property is to become an IP further down the track.
     
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  7. Hwangers

    Hwangers Well-Known Member

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    nice nice - what about the lifting of the public sector hiring freeze, has that had a material impact you guys think (from investment perspective)?
     
  8. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    I'm not sure.

    I never get carried away with the APS hype. There's constantly news stories about job cuts, employment freezes, blah blah blah. It's been going on forever.

    Personally - I think some buyers (particularly from interstate) are starting to realise that it's an affordable place to live with all the amenities you'd expect in a city. We have good schools, decent restaurants, cafes, shopping, cultural stuff etc. Plenty of well paying employment opportunities and a private sector that's growing.

    Not to mention our property prices are reasonable compared to other capitals (for now).

    Cheers

    Jamie
     
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  9. dmb1978

    dmb1978 Well-Known Member

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    I can't really comment on the effect of that particular change but Canberra just seems to be a different beast in general. At the moment the prices, especially for houses are climbing well and auction clearance rates have been high for a while now. I find that you always get good rent return in Canberra. I do have one just recently advertised for rent so will see how it goes after the first home open.
     
  10. jins13

    jins13 Well-Known Member

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    Trying to convince the other half about the move down to Canberra and would have been so much easier if I was a single man, but happy to be a trophy partner in the future.
     
  11. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Just rented out a house - had three applications before the open house :)

    Cheers

    Jamie
     
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  12. Hwangers

    Hwangers Well-Known Member

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    thanks for the feedback - what about the unit market? Approvals and constructions have slowed I see, is there sufficient demand to absorb existing/upcoming stock?
     
  13. S1mon

    S1mon Well-Known Member

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    not according to Mr Wargent..i think i agree with him in that the vacancy rate will climb over the coming 6 to 12 months once all these apartments come online..eg Wayfarer in belconnen

    [​IMG]
     
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  14. mcarthur

    mcarthur Well-Known Member

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    I don't think the official lifting of the freeze has done anything noticable. There certainly isn't an influx of new hirings inside the PS - it's as hard as ever to get new people. The vast majority of jobs seems to be internal movements. Also many of the new jobs are of lower level, which usually means younger people, and not people buying up the ladder - they often go for new house and land suburbs like Moncrief or Gunghalin (which is why Gunghalin area has some of the best growth in ACT and wider).
     
  15. Hwangers

    Hwangers Well-Known Member

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    have to agree with you there, wonder how long it will be before all this new stock can be absorbed by the market... last time I was in ACT (6 months ago), didn't see that many new builds underway though
     
  16. Cimbom

    Cimbom Well-Known Member

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    Thoughts on places like O'Connor and Turner for townhouses? They seem like good buys for the price and get decent yield but I am concerned about further CG from here. Not sure how much higher they could go really.
     
  17. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Personally - I wouldn't bother with townhouses in Canberra. The CG just isn't the same - and holding costs when you include rates, land tax and body corporate start eating away your rental income quickly.
     
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  18. Cimbom

    Cimbom Well-Known Member

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    I was thinking more for a PPOR with possibility of becoming an IP in the future. I prefer separate title ones without body corporate but I agree with the lack of CG
     
  19. mcarthur

    mcarthur Well-Known Member

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    Q: Can you really get a decent yield on the townhouse with land tax? I've always struggled to get an IP in Canberra (house though) to stack up...
     
  20. Hwangers

    Hwangers Well-Known Member

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    any likelihood of ACT govt implementing land tax thresholds soon? this zero land tax threshold is a real dampener!
     
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