Thoughts on Canberra and the ACT

Do people have any views on the developments going up in Wright?

I've been having a bit of a look. Looks like it could be a decent location once its all finished (close to woden, civic).

Seem to be a few coming close to completion. I'm working on a few FHB apps now for Wright purchases. All are OTP apartments - all applicants are single, young professionals (if that means anything - it's only a small sample size).

I think the location is pretty good - but it seems to have a bit of an empty feel about it being that it's so new.

Cheers

Jamie
 
No - I agree.

I don't have any stats but it feels like (from my perspective anyway) that investor buying has dropped off a bit. Most of my local clients are a combination of first home buyers (lots who are settling on OTP purchases) and those upgrading.

Cheers

Jamie

No actual stats but I've been keeping an eye out for stuff in the south (Tuggers - Kambah/Gordon/Greenway) and prices seem to have dropped off a bit. What was in the mid 400's last year/earlier this year now it's high 300's. Getting tempted to buy something to stay in and rent out the other rooms instead of me boarding.

Knowing it might drop further/competitive rental market kinda makes me think twice :eek:
 
Wright/coombs is not somewhere i would consider...looked out there about a year ago (not to buy but out of curiosity). semi high res? (4 or 5 stories with 1/2/3 beddy apartments) zoning seems a bit generous/too crammed for my liking..i realise thats probably standard these days but with so much supply, you might be waiting 15 years for CGs

i remember the agent telling me that people who bought in the land releases were taking decent loses if they had to sell..

i guess i look from investment perspective though,...might be a nice place to live? agree location is good
 
Hey hey, i checked Wright out with a few mates earlier in the year. I'm with Simon on this one. There is a huge supply of stock coming onto the market. From memory there were 6-10 large apartment blocks going up.

I'd think it'll take a while for the market to soak up that supply. Noting that, for first home buyers looking to purchase in a new area - i'd probably stick my money there than up north (gungahlin).

I've mentioned this a few times on other threads, i think if your buying new and your budget allows - go to the Foreshore. A lot more resilient and supply is more controlled there (compared to north). There are some issues with the place, but my 2c is that there is more demand, less supply and rental market isnt as shaky. All factors that create resilience during bad times and growth through better market conditions.

Goodluck,
Red
 
According to this article http://www.yourinvestmentpropertymag.com.au/news/australias-top-10-suburbs-revealed-190136.aspx Jerra (close enough to the ACT) and Ngunnawal are set to boom 10%+ pa over the next five years. :eek:

I somehow have my doubts.
I have my doubts too.

Just like the ACT there's dropping rentals- I've had to drop $80pw and still not sure of a tenant. There's a huge oversupply all over the ACT, and although this is almost all units, it's affecting the rest of the market.

I wouldn't be buying units especially anywhere.
 
any thoughts of impact of Molonglo (Wright/Coombs) on ppty values in weston creek?
Yes, Molonglo increases supply in the area, but at a much higher entry price. It should also provide a lot of facilities nearby from a lifestyle aspect
 
I would think the value of those properties would go up. Some of them are sitting on massive old school blocks that would cost big bucks in those new development areas.

Cheers

Jamie
 
yeh i rekon it might help values in weston creek a bit too.

i got friends in old Bruce who are waiting for a similar scenario to play out. once lawson is developed a bit and has a few on the market, will make Bruce seem cheap. given the price of the land lawson is going to be a very pricey suburb, even with its small blocks. (it already is probably but will be more obvious/comparable down the track a bit)
 
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Wright/coombs is not somewhere i would consider...looked out there about a year ago (not to buy but out of curiosity). semi high res? (4 or 5 stories with 1/2/3 beddy apartments) zoning seems a bit generous/too crammed for my liking..i realise thats probably standard these days but with so much supply, you might be waiting 15 years for CGs

i remember the agent telling me that people who bought in the land releases were taking decent loses if they had to sell..

i guess i look from investment perspective though,...might be a nice place to live? agree location is good

Wow, I just checked on the price of a two-bedroom unit in a complex at Coombs and was given a price of $404,000--and there seems to be hundreds of them. Might as well buy in Kingston for that price. I asked why so much, and was told that it was because they were on a separate title and there are no body corporate fees.
 
Wow, I just checked on the price of a two-bedroom unit in a complex at Coombs and was given a price of $404,000--and there seems to be hundreds of them. Might as well buy in Kingston for that price. I asked why so much, and was told that it was because they were on a separate title and there are no body corporate fees.

I know that they're discounting OTP stock out that way. A client of mine got a 1 beddie down from 290ish to 270k.

For that price point, thats a pretty big markdown. One of the big developments (Observatory) are doing upto 20k gift rebates to try and generate some demand too.

Has anyone experienced similar in Kingston?
 
I wouldn't be buying units especially anywhere.

I agree. The only exception I would make is if it was something amazing. I went to an auction of a 3 bedroom, 2 bath plus study apartment in Belconnen town centre a while back. It sold for almost 800k but it was bigger than our 3x1 house and had a massive balcony right in front of the lake. It was a really high quality finish inside as well. I was quite jealous of the guy who ended up getting it :p
 
My ppty manager has recently negotiated a rental for $20 a week higher than the price advertised. Just thought I'd throw a good news story on Canberra rentals out there.
 
Thanks for the good news!
My PM just renewed my Belconnen for the same rent for another year. I was concerned because the rent is now $20 above market due to the recent rent declines, but thankfully they didn't want to move out.

What suburb was yours in?
 
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