Market outlook in Canberra

Nemo30 said:
Slight overreaction. I haven't noticed much change.
My dept is actively recruiting.
Click to expand...

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:
Nemo30 said:
Slight overreaction. I haven't noticed much change.
My dept is actively recruiting.
Click to expand...

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
 
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 :)
 
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
 
WillG said:
Are you making a statement?

Do you live in "Google" or "Canberra"? Do you think things are grim for Canberra? Do you think house prices will stagnate or go down?
Click to expand...

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...
 
Nemo30 said:
Slight overreaction. I haven't noticed much change.
My dept is actively recruiting.
Click to expand...

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
 
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.
 
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.
 
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.
 
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
 
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.
 
jroth said:
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.
Click to expand...

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.
 
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
 
You must log in or register to reply here.

Similar threads

R
Thoughts on Canberra and the ACT
2 3 4
Replies
61
Views
9K
Jamie M
Jamie M
MsAli
Got to love out of area agents! Mount Druitt steal in this market
Replies
4
Views
2K
ZachAnSel
Z
N
Doncaster East
2
Replies
25
Views
5K
Genia
Genia
G
Avoid Investing in Canberra? (The Libs Reducing Public Sector Employment).
Replies
4
Views
2K
geoffw
geoffw
rugrat
Canberra, Yass and captains flats.
2
Replies
22
Views
4K
rugrat
rugrat
Back
Top