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State of Markets – ACT December 2011

01 DEC 2011 • By Phillip Tarrant • 3 min read • Hotspots

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

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AUSTRALIAN CAPITAL TERRITORY

Fast Figures

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  • $600,000 – median unit price in Barton, ACT
  • 4.86% – average gross rental yield for Canberra houses
  • 10.93% - average annual growth for Canberra units

Canberra records lowest vacancy rate
The slump in buyer confidence helped keep the national vacancy rate at record low levels in September, with Canberra recording the lowest rate in the state capitals, SQM Research has found.

Canberra recorded the nation’s tightest rental market at 0.7 per cent.

The national vacancy rate has hovered around the 1.8 to 1.9 per cent level for several months, possibly an indirect result of lack of buyer interest in the housing sales market, according to SQM Research’s Louis Christopher.

“Vacancy rates nationwide have been in a fixed range for a long time now and I do not anticipate a move one way or the other for the foreseeable future,” Mr Christopher said.

In September, total vacancies rose 0.1 per cent to a total 48,179 vacancies nationally.

Sydney's vacancy rate remained steady in September, at 1.4 per cent; Brisbane edged 0.1 per cent higher on-month to two per cent; Adelaide rose 0.1 per cent to 1.7 per cent; Perth fell 0.1 per cent from August to 0.9 per cent; Hobart rose 0.2 per cent to 2.1 per cent; and Darwin remained steady at 0.9 per cent.

SQM calculates vacancies based on online rental listings advertised for three weeks or more, compared with the total number of established rental properties.

Rental price gap narrows in capital
Advertised rents for Canberra’s units and houses are getting closer as renters opt for lifestyle over land, according to Australian Property Monitors (APM).

APM statistics show the gap between median asking rents for houses and units has fallen to $35, with median weekly rents of $465 and $430 respectively.

Increased rental prices indicate increased demand from discontented first home buyers entering the rental market in search of affordable accommodation, APM senior economist Andrew Wilson said.

“Overall demand for units, for both lifestyle and affordability reasons, continues to be greater than the demand for more expensive and generally outer suburban houses,'' he said.

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Phillip Tarrant

Phillip Tarrant

AUTHOR

Phillip Tarrant is executive editor – Real Estate at Momentum Media. He is also an investor with a large property portfolio.

He leads the content strategy and corporate growth for a range of market and business intelligence platforms at Momentum Media, including Smart Property Investment – the authoritative voice for Australia’s property investment community.

As head of the Smart Property Investment Podcast Network, he also steers the largest network of property podcasts in Australia, which collectively generates nearly 2 million downloads every year.

There are over 2.6 million investment properties in Australia, with over 2.1 million Australians (or around 8 per cent of all Australians) owning one or more investment properties. A vibrant and critical sector for creating wealth for Australians, the property investment sector is expected to remain a pillar to the national economy.

For nearing a decade, under Phillip’s stewardship Smart Property Investment has been informing and educating property investors on the tactics and strategies to create wealth through property.

Trusted by over 100,000 Australians each month as the turn-to independent resource for property market insights and information, the brand supports the mantra of "for investors", by investors’, drawing on the unique position that Phillip and Smart Property Investment share, warts and all, its own journey through property.

The Smart Property Investment Show, part of the Smart Property Investment Podcast Network, is one of Australia’s most popular podcasts, forming the keystone of an integrated digital platform delivering daily property updates, live broadcasting, insights, opinion and data to property investors across the nation.

Underpinned by a content team universally recognised for their knowledge of the sector and approach for clear and concise communication, Smart Property Investment has become a central part of Australia’s property community.

About Momentum Media

Momentum Media is a leading media and market intelligence company, and the business behind Smart Property Investment, REB and RPM.

Guided by a strong sense of purpose to support our communities, Momentum Media has forged its place as one of Australia’s most influential media and professional development businesses.

We have been equipping Australia’s corporate, investor and SME sectors with market and business intelligence for over a decade.

Across an integrated business supported by digital, events, broadcast, research, print and social platforms, we are guided by the purpose: Be Better informed.

This passion for informing, educating and inspiring drives us to build more engaged communities, delivering greater leadership to the markets we connect to and forging closer relationships with our audiences.

Being at the forefront of media innovation, backed by a pioneering spirit, has been central to Momentum Media’s growth.

We’re an evolving, forward-thinking business based on a purpose that supports corporate Australia and the markets critical to our nation’s economic prosperity and security. We’re also focused on delivering exceptional value to our commercial partners.

We adapt on a daily basis to rapidly changing market places; we’re a fluid media business, unanchored to any particular technology, channel or tone of communication.

With a reach spanning nearly 2 million professionals, high-net-worth individuals and SME business owners, we’re connected to the rapidly changing preferences and attitudes of our communities – and we’re making a positive contribution for our communities to thrive.

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