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Home loans made clear

Canberra Property – boom before the bust?

By Kramer 27 October 2007 62

It seems the media is in a tizz at the moment about property prices. Canberra has been highlighted as one of the capital cities where property prices are booming. Although prices in the Canberra market do appear to be slightly overinflated, so with another interest rate rise looming, are we seeing the boom before the bust?

All this speculation is being driven by the latest price guide from Australian Property Monitors. They report an annual growth figure for Canberra houses of 17.7% and units 9.7% (figures for the quarter June to Sept 07 are 1.7% and 4.6% respectively). This equates to the average Canberra house price now coming in at $485,262 and an average unit price of $339,553 – wow!

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Canberra Property – boom before the bust?
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Lord Mælinar 8:18 am 30 Oct 07

Nyssa is not revealing the entireity of her *poor me* situation.

Mind mentioning the subsidised rent ? it’s still about $150/w isn’t it ?

Defence first homeowners grant ? that’ll boost your Government first homeowners grant to a sizeable % deposit.

Oh, and then there’s the subsidised mortgage rate from the NAB for Defence homebuyers that the ADF will inject money into.

Poor you. If you were being nannied any more, somebody would be changing your nappies.

Nyssa, when you have that many people renting the market sets it’s own level.

Bear in mind that the property market is cyclic. There will be periods when the price doesn’t increase at all (or even goes down a little), and during these times are the ideal for buying property. During the 1990’s property didn’t increase in price at all, and thus dropped in real terms. I wouldn’t be at all surprised if we see something similar perhaps 2009-2015 or so. It will be a great time to buy investment properties!

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