Canberra
• The Federal Government is in the process of cutting jobs,
with a stated objective of reducing staff numbers by 16,500
jobs by July 2017.
• The impact of job losses is evident in the unemployment
graph – with the unemployment rate deteriorating since
earlier this year. Unemployment in Canberra is now at its
highest level since its low of 2.5% in November 2007. The
participation rate has also been dropping since August
2012.
• The unit market has lost value of about $38,500 since it’s
peak of $438,000 in August 2011.
• The house market has also lost value, but at a lower rate –
the peak value in the house market was reached in
November 2010 at $541,500.
• Residex calculates that this market has a surplus of
approximately 3,000 dwellings, which is significant as this
market is relatively small.
• Affordability in the ACT is amongst the best in the nation,
which is a function of higher household income and lower
property values. This suggests that once the Federal
Government begins employing again, this market should
move forward quite strongly.
• Property owners in Canberra should be patient and wait for
prices to increase when the Federal Government decides to
expand.
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