What is happening in Canberra?

Does anyone know what the growth will be for the Northern Suburbs of Canberra in the next 12 months? I have an IP in Higgins, 3 bed ex-govie, renovated bought for 349K in 2007.
 
No-one KNOWS what the growth is going to be.

I can guess, I can spectulate, I can hope. But maybe a meteorite will fall from the sky tomorrow and wipe canberra out.

Growth in Canberra has been good. IMHO, Growth in Canberra will continue to be good for a while yet. Northside is particularly good (in the world according to melissa - but that could be because I am bias and own my PPOR and am building my IP on this side).

I think your question is a little too broad to be answered with any kind of honesty other then "I don't know".

If you are asking in relation to your house in higgins; what size block of land is it on? what are comparable houses in your surburb (and around canberra in general) asking for and/or sold for? Have a look on allhomes.com.au it should give you some idea. Off the top of my head and out of my bum, I can say that I definitely beleive the price should have increased since you bought it. But then again I could be wrong (even though I suspect I am not).
 
I thought Canberra was quite slow and steady. No peaks no troughs, just keeps on truckin.

Have an IP in dunlop that has seen no growth in the last two years. I would guestimate Higgins to be similar depending on your property. Rental market has always been strong for sure, getting very good and steady increases. But last few years have been quite slow in terms of house prices.
 
Nope! your all wrong!
Ok where to start???? Higgins has had a tremendous growth of late due to the new mcgregor builds , most propertys have gone up by at least 100k, they have been compared to 100m2 of living on 500m2 land against and average 800m2 and 100m2 living in higgins , this has driven up the higgins mediem price as such.
all of these burbs have increased, also, due to the new developments in the belconnen areas as being the next closest to the new(CBD belconnen)

Dunlop has also grown but not like others i think about 6% or so , these homes were all new and now they are all in need of some TLC, but few can have done this as yet , i am working on one now ,that is.

Canberra keeps growing at an awsome rate , i dont even know if we even felt the GFC , most would not have known it existed unless they watched the news some nights , the public servants were paid exactly the same incomes as if nothing was happening, my wife was busier than ever at work during this time.

my ppr has risin by 600k in the last 3 years, :D others only 100 in the last 12 months ,:rolleyes: here in sunny canberra were doing all right .
 
*fingers crossed*

Just so you know, the rent on my IP in Melbourne is at least $100 less per week than i would get if the house was located here is Canberra (just about any suburb), The rents here are quite high and demand is high and supply fairly low.

People hear the word "Canberra" on the news and immediatly have this vision of the Government !!! it is not really like that, Canberra is clean, visually attractive and any bad memories I have from here are due to my 6 year stint in the public service about 18 years ago.
 
Canberra's going strong. We currently live on the north side and are looking to move closer to the folks who are on the south side. Trouble is, there's bugger all on the market and first home buyers are still going hard.

Not many houses for under $400k in the capital these days :(
 
and to add to my above comments , the next vision i have is to buy in the weston creek area and wait untill the two new burbs are built along with the north weston release, these newer homes i would expect will drive the older ones up again by another 100k easy pickins if you can get in.
i agree with savanna ,as i have had freinds move to london and new york , but when it comes to raising their famillys they have all come back to canberra.;)
 
Totally agree with Craigb, Canberra is going strong. Land in Weston is selling for $400k (508sqm block) and more than half sold. All blocks in Franklin at northside were sold out a while ago. Nothing less than 400k in Higgins.

House quoted $510k + sold for $566k. Quoted $410k + sold for $450k all within 3 days of listing. All at northside.
 
Weston Creek is going amazingly well. I've been watching Duffy for a while, see if anything else comes up, so far everything except a poorly priced dual occupancy has sold within 2 weeks of being put up for sale.
 
Now we just have to hope that the stupid "core and suburban" rule is eventually repealed and you are allowed to build dual occ or townhouses anywhere providing your block is at least 800 sqm (the old rule before Variation 200 of the Territory Plan).

For non-Canberrans reading this, this rule prohibits dual occ and MU anywhere further than 200m from the small local shopping centre in each of the established suburbs. I'm particlarly miffed as I have a 1611 sqm block and could fit about 8 townhouses on it if this rule didnt exist. The return on this would get me well and truly started in development.
 
I think Canberra landlords need to remember that their property is merely leasehold. You still have to pay the Government money when the lease expires - and that payment isn't going to be $1.
 
I think Canberra landlords need to remember that their property is merely leasehold. You still have to pay the Government money when the lease expires - and that payment isn't going to be $1.

Rocket, where did you get that idea??? lease renewal is now "as of right" and is, for all intents and purposes, identical to freehold. Leases are for 99 years and I wont be around for my next lease renewal in 2073 :)

Anyway, the whole leasehold thing was so the govt can keep better control of planning. There are traps such as being fined for having a "dirty block" (having your block all untidy) and abandoning your lease (the govt can resume your lease if you leave the house vacant longer than 12 months but in practice it never happens).

Most Canberrans wouldnt know this stuff anyway, I only know if cos I used to work for the ACT planning and land authority and they used to investigate such things.
 
I think Canberra landlords need to remember that their property is merely leasehold. You still have to pay the Government money when the lease expires - and that payment isn't going to be $1.

Minor concern for myself atm. I have 96yrs left of one lease, and the full 100yrs of the other (brand new suburbs). If I am alive to worry about this, I will be happy (and probably in the guiness book of world records :D )
 
If people are spending $500,000+ on a property they should know what property rights they have. Even if the government renews your lease it does not mean that it is equivalent to freehold. If they decide to build a new freeway/train line through your property you have less recourse/compensation than someone who has freehold on the land.
 
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