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AUSTRALIAN CAPITAL TERRITORY
ACT property more affordable: report
Properties in the ACT have become more affordable due to increased wages and reduced interest rates, according to the latest Housing IndustrY Association-Commonwealth Bank affordability report.
“A combination of healthy earnings growth and a slight decrease in mortgage lending rates drove the September 2011 quarter improvement,” the report said.
This is the third straight quarterly improvement recorded.
“The median dwelling price in the ACT was relatively unchanged in the September 2011 quarter, posting an increase of 0.1 per cent to $542,600.
“Average weekly ordinary time earnings of an adult working full time increased by 1.2 per cent during the quarter while the average mortgage lending rate over the quarter was down by 0.03 percentage points.”
Price growth partially offset the affordability improvements, the report said.
With a combined rise in average earnings and current cuts in mortgage interest rates, the affordability index reported a 1.8 per cent improvement over the September quarter.
However, this is still 0.8 per cent above the September 2010 level.
Canberra population to surge
Demand will outpace supply in Canberra, benefitting investors as a result, according to new research from Colliers International.
With the capital’s population set to surge by 20 per cent by 2031, demand for housing – particularly smaller lots – will grow, according to the Research and Forecast Report: Canberra Communities.
ACT apartments saw record median rents late last year, with two-bed apartments reaching $440 per week.
The ACT Planning and Land Authority’s Canberra Spatial Plan – which includes Gungahlin, Molonglo Valley and the Kowen Plateau – is designed to provide direction for residential development to ensure the market is not oversupplied.