Canberra Update

[Lord Shanghai]

An interesting link from the ABC.

Some suburbs have jumped over 20%, many others have languished.

http://www.abc.net.au/news/2014-12-...ver-20pc-report-says/5981722?section=business

If the current government changes, Canberra may pick-up a bit.

Does anyone remember the crash of '96 (when the Libs won power). Canberra seems to have a political cycle. When the left wins, prices rise because of new public service hires. When the conservatives take over, the opposite occurs.

 

[eternit]

An interesting link from the ABC.

Some suburbs have jumped over 20%, many others have languished.

http://www.abc.net.au/news/2014-12-...ver-20pc-report-says/5981722?section=business

If the current government changes, Canberra may pick-up a bit.

Does anyone remember the crash of '96 (when the Libs won power). Canberra seems to have a political cycle. When the left wins, prices rise because of new public service hires. When the conservatives take over, the opposite occurs.

I would not trust this data. Prices have either stayed flat or declined in the ACT for last 12 months and I expect it to get worse in 2015.

 

[mini2]

448k median at Richardson?

 

[Redom]

An interesting link from the ABC.

Some suburbs have jumped over 20%, many others have languished.

http://www.abc.net.au/news/2014-12-...ver-20pc-report-says/5981722?section=business

If the current government changes, Canberra may pick-up a bit.

Does anyone remember the crash of '96 (when the Libs won power). Canberra seems to have a political cycle. When the left wins, prices rise because of new public service hires. When the conservatives take over, the opposite occurs.

Haha this is macro data being grossly misinterpreted. Methodological interpretations need to be broken down here before making assessments on the state of the market.

Breaking it down, median values of suburbs increase dramatically when there is new stock in that suburb. New houses: 1) transact more than older houses - they generally need to be sold; and 2) cost more than old houses.

Canberra is in the middle of a supply boom, lots and lots of new stock, particularly units. Lyons had a 19.6% gain recorded from Jul 13- Jul 14 in UNIT prices (according to Rpdata).

As someone who spends about half my time there, i'd guess that UNITS have roughly moved backwards by roughly 10% over the past 12 months.

Cheers,
Redom

 

[Jamie M]

448k median at Richardson?

lol - my old stomping ground!

I'm not too surprised by that though. I'd assume that the cheapest stock would be around the low $400s.

Cheers

Jamie

 

[ChrisA1]

Canberra seems to have a political cycle. When the left wins, prices rise because of new public service hires. When the conservatives take over, the opposite occurs.

Yep, if you can work out the political cycles and have inside knowledge about what policies are about to come out, you could buy now in CBR to sell when Labor comes in and builds the PS again.

Just not a unit.....

CBR doesn't appear to follow the general market rules....

 

[mini2]

I'm not too surprised by that though. I'd assume that the cheapest stock would be around the low $400s.

My reaction is purely because nearby areas (with slightly better reps) seem to be struggling to ask for that sort of $ at the moment. It also makes Kambah/Gordon looking like a bargain

Just not a unit.....

No idea about the northside but plenty of new units popping up around Tuggers/Greenway. Vue dropped a fair chunk compared to when they were new and SQ1 plus other development isn't going to help either - these new stuff is quite well priced...thank goodness the idiots from McGrath won't return my calls when I was fairly keen to buy one OTP.

 

[S1mon]

how do people feel the market is going now? 4.1% for the quarter according to the corelogic stats as most of you have probably seen.

I really only watch 2 suburbs in belco (Page and Evatt), bugger all house stock around..everything decent/standard sells pretty quick and a fair few auctions. very good to see. still a lot of rental stock on market tho

article here worth reading too....RIP woden