I've been watching a small area in North West Canberra very closely for a while now (comments below are based only on a small area I am familiar with).
The rental market has been bad for a couple of years - rents have dropped considerably and there are, generally, a lot of properties available to rent.
The first few months of this year there were a lot of properties for sale...but interestingly the rental market picked up a bit - lowest number of rentals available for about 2 years (in the small area I watch). I'd say a lot of people were selling up and then renting.
I've noticed over the last 2 months or so, the number of houses for sale, in my area, has dropped by about a quarter (from a high earlier in the year)- this could be seasonal. But it definitely isn't rising. Houses are also selling relatively quickly.
Prices havent really moved - perhaps a small drop, but nothing significant.
People are worried about their jobs, but we havent seen widespread cuts as yet. I know some people who have taken redundancies - however this has been a good thing for them. I dont know of anyone who has involuntarily had to leave their job as yet, however I know there is some concern, including within my household, that this will occur.
Business as usual at the moment.
