Time to get in on the property action in Australia’s most liveable city
Canberra continues to maintain its position as one of the top performers in the real estate market among Australia’s capital cities.
There are many reasons for this – an enviable lifestyle, top quality educational institutions, world-class health facilities, good weather (well, for most of the year) and a thriving job market. These are just some of Canberra’s attractions, not to mention proximity to Sydney, lots of green spaces and terrific air quality.
In May 2021, Canberra was named as the world’s most sustainable city in a list published by UK comparison company Uswitch. The rankings were based on a range of sustainability measures including energy, transport infrastructure, affordability, pollution, air quality, carbon dioxide emissions and the percentage of green space available.
To give you an idea about how Canberra compares with other global cities – our beautiful capital was voted the world’s 3rd best city to visit in Lonely Planet’s Best in Travel 2018. Canberra was also the Organisation of Economic Cooperation and Development’s (OECD) world’s most liveable city in 2014 – ahead of Sydney, Melbourne and Adelaide!
Canberra has great network of transport infrastructure, with the Act Government now working on extending the Gungahlin to City light rail network further south to Woden. ACTION buses traverse the landscape from north to south and east to west, with higher frequency of services during the morning and evening peak hours. For the fitness enthusiasts, there are unparalleled bicycle tracks that extend throughout the city.
It is little wonder then that the ACT real estate market has experienced an unprecedented surge in prices in recent months, with some suburbs witnessing above 20 per cent growth between late 2019 and mid-2021.
Potential homebuyers considering their options should act now to get a foothold in the market, before prices climb even further. Those who have saved up towards a decent deposit will have a range of financing options. Many banks are now offering basic owner-occupier loans with 80 per cent LVR (loan to value ratio) starting from under 2 per cent per year.
There are also financial incentives available for first homebuyers. The ACT Government has a stamp duty concession scheme to help people buy a home or residential land. The scheme, which is administered by the ACT Revenue Office, helps you buy the home that’s right for you by removing or reducing duty on any property you want to buy. This can help you save thousands of dollars off the cost of your first home.
For those looking to build their first home, there are house and land packages to suit your budget in the new suburbs of Taylor and Throsby in Gungahlin and Whitlam andDenman Prospect in the Molonglo Valley.
If you are only looking for an entry point into the market, buying an apartment or a townhouse is a good way to build up some equity in your property while also achieving capital growth and demonstrating your status as a creditworthy individual or couple to the banks.
Saving a deposit for your first home requires a lot of commitment, sacrifice and diligence. It can appear to be a hard slog but everyone has to start somewhere. It is said that the first property you purchase is often the hardest of all. So making a financial goal and sticking to it come what may is a good way to start. Over time, the result will definitely be worth the effort.