Market outlook in Canberra

Discussion in 'Where to Buy' started by TheMarket, 6th Nov, 2013.

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  1. TheMarket

    TheMarket Member

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  2. Nemo30

    Nemo30 Member

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    Slight overreaction. I haven't noticed much change.
    My dept is actively recruiting.
     
  3. geoffw

    geoffw Untitled

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    In the interests of my house sale, of course things are still booming in Canberra!

    In reality, it's all rather uncertain. There's been a lot of rumours, but not a lot has really happened yet. It probably will.

    In the early 80s, cutbacks had a big impact on prices. But many people went into private enterprise, and the city became less dependent on the public service. IT especially in the private sector increased its presence. Cutbacks since have not had anywhere near the same impact on real estate.
     
    Last edited: 7th Nov, 2013
  4. TheMarket

    TheMarket Member

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    Which department? There is a blanket banned across departments on recruitment
    Email sent out to senior staffs stops all recruiting activities
    If an offered has not went out the door before 31st of October
    No contractor are to be renew without authorization
    From the head of the department that including temporary positions

    Can't predict what happen to
    Properties price but employment certainty
    Plays a big part in taking on debt and buy properties
    Unless they want NINJA loans -:)

    The ramp up phase will start early next year some earlier

    http://www.canberratimes.com.au/nat...f-told-350-jobs-in-sights-20131106-2x20a.html
     
  5. Nemo30

    Nemo30 Member

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    I'd rather not say which dept. my branch underwent major recruitment exercises in early Oct. No redundancies have been mentioned.

    The article claims health are slashing 350 jobs - they were doing that anyway before the election. Both husband and son work there.

    Good luck with the sale Geoff :)
     
  6. Jamie M

    Jamie M Mortgage Broker - Oz Wide

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    I've just had two of the busiest months I can remember - a lot of that has been purchasers in Canberra.

    From what I can see - the market isn't too grim. Most have been up-graders and first home buyers.

    I'd still stay away from OTP stock (apartments in particular). There's way too much supply.

    Cheers

    Jamie
     
  7. WillG

    WillG Member

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  8. TheMarket

    TheMarket Member

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    No idea where house price will go, I just make an observation/statement
    less job more cut cant be good for people confident taking on debt.

    There will always be buyer and seller in all market whether you can get price you want is dependent on jobs, interest rate, sentiments etc...
     
  9. mini2

    mini2 Member

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    Yeah haven't noticed much change, I am looking at the Tuggers region for the past 6 months. Just sorted out my IP in Sydney and might pull the trigger when I get my renewal shortly :p
     
  10. Nemo30

    Nemo30 Member

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    I watch the west belconnen market fairly closely as I have a few properties there.

    Was looking at sales in Dunlop today - 19 houses sold in the last 4 weeks. It would normally be about half that.

    I don't see any cause for concern in Canberra just yet.
     
  11. bumskins

    bumskins Member

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    It will take time for the changes to come through.

    It wont really be felt until after the non-renewal of long-term contracts and redundancies pile up.

    I doubt your department still recruiting will have much positive net effect.

    When 1000's of people are taken out of the local economy, the direct impact and flow on affects will be pretty big. What will probably be bigger is the negative mindset of the masses still remaining.
     
  12. Nemo30

    Nemo30 Member

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    Agree with you Bumskins. Some pain to come.

    My points were directed at the OP who seems to think the sky has already fallen in, when it hasn't.
     
  13. chb

    chb Member

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    I think recruitment can still happen, but only within the APS. So recruitment for staff that are not currently in the APS will not occur
     
  14. geoffw

    geoffw Untitled

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    The Canberra Times agrees with you.

    Buyers hit auction scene in droves
     
  15. jroth

    jroth Member

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    I don't think it will have much more of an affect than continuing this mostly stagnant period we've been having for 4 years for a little longer.
     
  16. VYBerlinaV8

    VYBerlinaV8 Member

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    I tend to agree. Canberra prices will soften a bit, but there won't be a crash or anything like that.

    I'm now sitting tight with my Canberra properties. Over the next few years I'll look around for potential bargains so when the market does turn up again (I'm guessing about 3-5 years out) I'll be ready to snap up some good additions to the portfolio.
     
  17. cimbom

    cimbom Member

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    Seems like Page has seen a lot of CG in the last 12 months or so. Hope it rubs off on neighbouring suburbs :p
     
  18. VYBerlinaV8

    VYBerlinaV8 Member

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    It usually does. I bought Braddon when it was cheap compared with Turner and the city and it came up nicely.
     
  19. cimbom

    cimbom Member

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  20. Jamie M

    Jamie M Mortgage Broker - Oz Wide

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    Canberra will be fine.

    The oversupply of OTP stock coupled with the change of govt. and APS cuts has caused a little bit of uncertainty but people are starting to buy again (from what I can see).

    Once we've finished with the PPOR renos I'm going to start searching again for buy/holds in the inner north.

    I'm biased because I live here - but I really see value in Downer. It's cheaper than Hackett/Watson but it's closer to the city and there's quite a demographic change occurring - with lots of young family's and professionals buying. A lot of places are being knocked down/rebuilt or renovated too and the old shops are due to be refurbished soon.

    Cheers

    Jamie