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State of Markets – ACT March 2012

Essential information, plus expert insight on what is shaping the national property market...

 

AUSTRALIAN CAPITAL TERRITORY

Fast Figures

  • 334,100: population in 2006 (based on Census)
  • 416,500: projected population in 2056
  • 1.1%: ACT vacancy rate

Activity to surge in the north
Canberra’s north is expected to see a surge of activity on the back of 500 government public servants’ relocation to Gungahlin.

New public offices, planned to increase employment opportunities, have already received nine registrations of interest prior to the 2013 construction.

Staff would be moved from Woden to the new location in late 2014.

“This is great news for businesses and residents of Gungahlin,” said ACT Chief Minister Katy Gallagher in a joint statement with Treasurer Andrew Barr.

“Not only are we bringing 500 jobs to the town centre, but this will in turn create jobs as businesses grow and open in Gungahlin.”

Part of the plan includes improved public transport.

“We’re not going to put 500 new staff in a location and then not provide necessary infrastructure to support that,” she said. “People in Gungahlin want continued improvement in public transport infrastructure and I think this decision will allow us to reinvest in this timeframe.”

Flooding insurance premiums rise
Insurance premiums have jumped by more than five times for Canberra residents due to risk of flooding.

Some annual household premiums have been increased by NRMA Insurance from $928 to over $4,950 when they include flooding insurance where properties are deemed to be at risk.

The premium can only be lowered by removing this type of cover, which includes rainfall causing a nearby water source, canal or dam to overflow.

“'You will still be covered for sudden and excessive run-off of water as a result of rain in your local area,” the NRMA Insurance renewal notice said.

The low risk of flooding has meant flood insurance has traditionally not been offered. Since the 1970s, developments have been built above the level of a once-a-century flood.

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