The Canberra property market continues to go from strength to strength, with development approvals hitting a 10 year high.
According to Collier’s International Apartment Research & Forecast Report, buyer confidence and demand have climbed in the Canberra region, off the back of low unemployment and strong economic growth.
Colliers International director of research Ariel Pollard said the average number of residential dwelling approvals in Canberra increased dramatically over the past few years with 4,805 dwellings in 2010 – up 33 per cent on the previous year.
“This suggests confidence levels in Canberra property market remain positive, and with the increase in household numbers expected to grow by 15 per cent between 2011 and 2021, the additional supply will help ease pressure on demand,” Ms Pollard said.
Colliers International research shows 16 projects are currently being marketed, while 2,128 apartments in the Inner North and South suburbs are under construction.
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