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Population to surge, Canberra

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Demand will outpace supply in Canberra resulting in opportune investments, forecasts new research from Colliers International.

With a population set to surge 20 per cent by 2031, demand for housing options and particularly smaller lots will grow, found Research and Forecast Report: Canberra Communities.

Apartments in the ACT reported record median rents in 2011, with two-bed apartments reaching $440.

Currently, Canberra has the second lowest vacancy rates in Australia at 1.6 per cent.

The ACT Planning and Land Authority’s Canberra Spatial Plan will provide direction for residential development to ensure the release of property in stages.

This is planned to ensure that the market is not oversupplied.

More than two-thirds of dwelling approvals over September were for medium-density dwellings.

The main areas listed under the Canberra Spatial Plan included Gungahlin, Molonglo Valley and the Kowen Plateau.

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