Canberra - Inner North

[avura]

Hi Everyone

I was wondering if anyone would care to share their opinions about the suburbs of Turner, O'Conner and Braddon in the ACT. I am mainly referring to the houses and land; not the mass of units.

Do you think the land is over-priced here, or does it represent value considering the proximity to the city?

I am interested in purchasing an IP in this area with a view for future development (~two years). I haven't developed before, but would like to give it a go soon; with the right preparation of course.

Any other tips or suggestions for IP in Canberra?

Many Thanks

 

[geoffw]

Avura

I'd suspect that any property in the areas you mention would have been targeted by the professionals a few years ago. I had a colleague who was offered twice market price for a house in Braddon a few years ago- he accepted gladly, and now it's just a part of another big unit development.

I have my one ACT property in North Lyneham- a little away from the areas you suggest. I bought the property a few years ago- it is an approved dual occ- with a view towards developing. I'm in the process now- and it is a slow process. If it had not already been a dual occ I would not have been able to strata it- as it is, I can. We're looking towards making one of them a PPOR.

 

[coffee]

Avura

Some reading material dealing with those areas.

Neighbourhood Planning in the ACT
http://www.actpla.act.gov.au/neighbourhood_plans/suburbs/index.htm

Core area maps of Canberra

http://www.actpla.act.gov.au/tplan/VARIATIO/dv200/Map.htm

Geoff

 

[avura]

Thanks guys

Those links are especially good. I read the Turner plan; I guess it's to be expected that residents in houses aren't too keen on units and duplexes.

After doing some more in-depth research, I'm starting to believe these may not be such good areas to invest in at the moment. Apart from the development potential, if demand is still outweighing supply, maybe these properties have a greater chance of dropping when demand tapers off.

I was first attracted to these areas based on: past growth, proximity to the city and ANU, development potential, my knowledge of the area, possibility of buying very close to the unimproved value of the land, the scarcity of large blocks and the demand from rentals and owner-occupiers.

To me at least, the only issues seem to be: a lot of current developments, prices are somewhat high, I would have to buy into a property with substantial -'ve gearing and maybe, when demand drops these properties will feel the heat.

Anyway, thanks for the info, I'll keep researching. I might start looking at Aranda, Cook, etc as well. They've always been my second preference, so maybe it's worth some research.