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ACT tops property hot spots

By RedDogInCan 17 January 2012 32

Just to add some fuel to the debate that has been raging lately over housing prices,  an expert panel for magazine Smart Property Investment have identified Canberra top of a list of 50 investment hot spots.

The panel reckons the city’s high incomes and a scarcity of land would underpin strong growth in property prices.

Investment hot-spots were chosen based on their population growth, demand for housing, income level, employment, vacancy rates, previous capital growth and current gross rental yields.

Goulburn also gets a guernsey.

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ACT tops property hot spots
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devils_advocate 12:16 pm 28 Feb 12

shauno said :

One of the things that doesn’t help is the foreign owned Real Estate laws that the labor gov changed meaning any one from overseas can buy as much as they like.

No. Persons who have a visa entitling them to remain in the country for more than 12 months are entitled to acquire 1 established (second-hand) residence to live in, not rent out, and must dispose of it if it ceases being their residence (either because they have left the country or acquired some other house, or moved to rental). Persons not resident in Australia are only allowed to buy NEW houses (off the plan, vacant land to build 1 residence, or direct from developer), thereby adding to the housing stock.

shauno 10:05 am 28 Feb 12

Mysteryman said :

jayskette said :

I bet the people whinging about not being able to afford houses are the same people who eat out every night, travel overseas every year and sending their 3 kids to private schools. Something has to give…

Saying “I bet” doesn’t make something a fact. In this case, it’s not even close to the reality.

One of the things that doesn’t help is the foreign owned Real Estate laws that the labor gov changed meaning any one from overseas can buy as much as they like.

Mysteryman 8:00 am 28 Feb 12

jayskette said :

I bet the people whinging about not being able to afford houses are the same people who eat out every night, travel overseas every year and sending their 3 kids to private schools. Something has to give…

Saying “I bet” doesn’t make something a fact. In this case, it’s not even close to the reality.

jayskette 6:57 pm 27 Feb 12

I bet the people whinging about not being able to afford houses are the same people who eat out every night, travel overseas every year and sending their 3 kids to private schools. Something has to give…

VYBerlinaV8_is_back 4:59 pm 27 Feb 12

shauno said :

DermottBanana said :

Having seen three bedroom ex-govt houses selling in Goulburn for under $200K less than a year ago, I’m not surprised it’s considered an investment hotspot. An hour from Canberra city? I’m sure commuters in other capital cities would be content with a mediocre house an hour from the office for that sort of price.

Investment hot spot? I see inner north with walking distance to city as a hotspot, In one of my places about 5mins to the city lol.

If you’re looking for a larger, more expensive house, there are some real bargains out there at the moment. I picked up a new home a couple of weeks ago for a big discount over what I thought it would sell for. The under $500k market seems fairly strong, though.

shauno 4:22 pm 27 Feb 12

chewy14 said :

“The panel reckons the city’s high incomes and a scarcity of land would underpin strong growth in property prices.”

Scarcity of land? Did they even look at a map?

Or do they mean scarcity of land being released by the government to prop up house prices and underpin the budget?

\

Yep imagine the prices of land a top Gingera or lol

shauno 4:19 pm 27 Feb 12

DermottBanana said :

Having seen three bedroom ex-govt houses selling in Goulburn for under $200K less than a year ago, I’m not surprised it’s considered an investment hotspot. An hour from Canberra city? I’m sure commuters in other capital cities would be content with a mediocre house an hour from the office for that sort of price.

Investment hot spot? I see inner north with walking distance to city as a hotspot, In one of my places about 5mins to the city lol.

Innovation 12:19 pm 18 Jan 12

DermottBanana said :

Having seen three bedroom ex-govt houses selling in Goulburn for under $200K less than a year ago, I’m not surprised it’s considered an investment hotspot. An hour from Canberra city? I’m sure commuters in other capital cities would be content with a mediocre house an hour from the office for that sort of price.

You might have a good point here. Also, Goulburn would be very easy living for people who regularly work from home and occasionally commute to Canberra (1hr) and/or Sydney (2.5 hrs). The train to Sydney is even viable from Goulburn as it picks up the Melbourne to Sydney line as well as the Canberra line.

EvanJames 11:09 am 18 Jan 12

OpenYourMind said :

I guess what I’m trying to say is that if you took that comment of 1980s vs now, you’d assume that no Canberrans could possibly afford a house. Instead what I see is a similar situation now as it was in the 80s, i.e. a working couple making ok money can still afford to start out buying in an ok suburb such as Kambah. This hasn’t really changed.

Yes it has. A single income person (be they a family or a single person) can’t buy that Ok house in Kambah, but in the 90s they could. That’s changed. That OK house in Kambah was $140,000 in the 90s. Now it’s half a million dollars. But ordinary salaries haven’t kept pace with that increase. That’s changed. Great bonanza for those who bought that house for $140k, out of reach for someone on the average salary.

housing is not a luxury, it’s a necessity. That increasing numbers of people here cannot afford. One day if you’re wanting to challenge your assumption, at 8am go park yourself at the Welcome To Canberra sign on any of the roads leading into Canberra, and watch the river of cars coming in from the towns around the ACT. Those are Canberra people, who now have to live where they can afford a home. Cooma, Braidwood, Goulburn, Yass. These are the “outer suburbs”.

chewy14 10:52 am 18 Jan 12

OpenYourMind said :

Canberra has grown. Simply supply and demand will dictate that not all of us can buy a nice plush house in the inner suburbs. HenryBG is suggesting that he’s too good for outer suburbs. Even back in the 80s and before, those starting out would buy smaller houses in outer areas and upgrade later. A lot of this un-affordable housing talk seems more to be about not being able to afford the new mansion in an inner block. Is this part of the I want it all and I want it now generation? Back in the 80s and earlier, people had to save really hard for a big deposit, would compromise on a small house without the mod cons in an outer area and then upgrade later when they were a little more settled.

No it’s nothing to do with wanting a new mansion on an inner block, no matter how much people keep trying to push this line it’s completely false.
In the 80’s, the poorer families bought a house in the outer suburbs because that was what they could afford. People on higher incomes were able to afford inner suburbs.

Now, the people on higher incomes can only afford a house in the outer suburbs and the poorer families are locked out all together. It’s completely unsustainable.

RedDogInCan 10:26 am 18 Jan 12

ex-vectis said :

At some point the Australian tax payers will say enough is enough and the ballot box will bring in either a slash-and-burn or attrition-based PM.

If that does happen, my advice would be to buy, buy, buy!

Any downturn won’t last for long as the Government soon realises that they need plenty of public servants to implement their popularist middle class welfare, war mongering, terrorist conspiracy, refugee hating, anti dole blugger policies that got them elected. Even after Howard decimated the public service, it grew back to be bigger than ever within 10 years.

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