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AUSTRALIAN CAPITAL TERRITORY
Danger of oversupply
Canberra's apartment market is in danger of oversupply in some areas as future developments crowd the market, a new report claims.
Research conducted by Colliers International concluded the market had plateaued, stating that developments were requiring higher pre-sale figures to secure construction.
At present there are seven projects comprising 673 apartments yet to commence construction in the capital, which are at risk of going under, Colliers International's director of research, Ariel Pollard, said.
"They are 40 per cent sold and will be under threat of not going ahead if pre-sales for these projects are not met and further developments are taken to market,'' she said.
Despite concerns, the report stated that completed developments, or those under construction, were faring well in terms of sales.
Canberra closing in on Sydney prices
House values in the capital increased by 1.4 per cent over the month, the largest increase of all capital cities, alongside Darwin at 1.4 per cent.
Canberra is closing in on Sydney home prices as the gap between the two most expensive markets is slashed by more than half over the space of a month.
Home values in the capital increased by 1.3 per cent over November, according to the RP Data-Rismark Home Value Index issued on Monday.
While Sydney is still the most expensive housing market of the capital cities, the gap between itself and Canberra has reduced from a difference of $40,000 in October to just $17,000.