Australians are becoming wealthier – and it’s thanks to property
Wealth per capita is now sitting at a record high of $522,032, thanks to record-high property prices. ...
Essential information, plus expert insight on what is shaping the national property market...
AUSTRALIAN CAPITAL TERRITORY
Increased interest in SMSFs
Canberra residents are showing an overwhelming interest in self-managed super funds (SMSFs), with more than 250 people registering in 48 hours for SMSF events run by Colliers International.
Derek Whitcombe, director of residential project marketing at Colliers International, said over the past six months Colliers International has noticed an increase in people buying apartments off-the-plan through SMSFs.
“The emergence of people seeking out SMSFs to invest in property has stemmed from a need for financial security and a fear of not having enough money to ensure a comfortable retirement," he said.
“The global financial crisis has hit a lot of people with their super heavily invested in shares; therefore people wanting to minimise future risk through diversification are looking to invest their super in more stable asset classes, like property.”
Canberra home values fall
Home values in Canberra have fallen amid two years of declining property values across Australia’s capital cities.
The RP Data-Rismark Hedonic Daily Home Value Index results show that in December, median prices in Canberra fell one per cent over the month and 1.1 per cent over the quarter.
At the end of December, the median price for a home stood at $517,500.
Median unit prices also experienced a drop – 0.8 per cent over the month and 0.6 per cent over the quarter to $410,000.