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Canberrans Don’t Dream of Apartments

By che - 23 March 2005 12

A drop in demand for appartments in the ACT has lead developers to put future plans on hold according to this ABC story. They tell us not to count the number of cranes around the place but know that the market is over supplied.

Is it that Canberran all want a 3 bedroom house and not a 2 bedroom appartment or that they are trying to sell Canberra appartments for Sydney prices?

What’s Your opinion?


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12 Responses to
Canberrans Don’t Dream of Apartments
Jeff 1:08 pm 25 Mar 05

Have a look in Sunbury and the surrounding areas. http://www.realestate.com.au/cgi-bin/rsearch?a=o&s=vic&c=29628866&tm=1111716179&id=401491543&f=0&p=10&t=ren&ty=&snf=rbs&ag=&cu=&fmt=&header=

Might be a crappy suburb but appears to be a bit cheaper that here.

I’m just going on what I have read in the paper and have seen on the internet.

johnboy 6:52 pm 24 Mar 05

LG – I miss being able to have pets, but having spend years in backpacker hostels (and sharing a room with my brother when younger) I actually find it re-assuring to hear other people moving around.

having said that my flat is double brick we don’t hear much of each other excpet for toilet flushes.

When you can hear your neighbour’s TV better than they can it’s pretty crappy.

Caz 3:20 pm 24 Mar 05

Also, I’d like to know where you found 3 bedroom houses for rent 25 mins from the CBD in Melbourne BELOW $220. Funny I never saw any when I moved down here and was looking to rent for a while in the ‘burbs.

Caz 3:18 pm 24 Mar 05

Agreed. Where was this house? What suburb? You’d be hard pressed to find anything under $250K – even an ex-govvy in the shittiest of Melbourne suburbs. And even when they’re advertised at $250K, that generally means the owner won’t take a cent below $280K.

Hash 3:03 pm 24 Mar 05

I’m sorry Jeff but I don’t believe there are ANY “outskirts of Melbourne” 25 minutes from the CBD!

Jeff 2:10 pm 24 Mar 05

I think the whole realestate market in Canberra is beyond a joke. I was in Melbourne on the weekend and found that you can buy a 3 bedroom house on the outskirts on Melbourne for around $180,000 and thats only 25min from the CBD. Rents in the same area vary from $170-$220 per week. Apartments in the CBD are also cheaper that here.

Think I might move down there soon.

Andy 11:21 am 24 Mar 05

well I for one can’t wait to move into my apartment that is being build in Braddon. I think the densification of the inner city is something that’s been desperately needed for a very long time.
Hopefully it will make things like public transport actually viable for the ACT government to actually do something with and the atmosphere it will create will be fantastic.
Sure there’s nowhere to park my boat and I can’t have a dog, but if I really want those things then I’ll go and buy a house somewhere else!

Special G 9:09 am 24 Mar 05

Rents aren’t going to come down any time soon with interest rates going up.

Property market is easy. If rent cost more than what a mortgage would lots of people buy houses. If its the other way around rent goes up because investors want other people to pay the mortgage on their investment property.

G

Marco 8:40 am 24 Mar 05

Seems the smart thing to do if you can afford it is to buy a house, as long as you’re planning to stay here for a couple of years.

With Canberra incomes being higher than just about anywhere else, rents aren’t going to come down anytime soon – but houses are still cheap by comparison to Sydney and Melbourne. And if you leave, you can rent the house out and join in the extortion.

Of course, with rents being what they are, there’s probably buckley’s of actually saving the deposit…hmm.

LurkerGal 8:33 am 24 Mar 05

You can’t have pets in an apartment. And there’s something odd about hearing the people around you being so close. So that, and my inate distrust and dislike of people, is the reason a house is the only way to go for me. And house rent is frigging sky high at the moment (compared to more civilised places), so I guess a lot of people feel the same way.

sk8erboi 7:26 pm 23 Mar 05

Gee, who’da thunk? Simple Simon’s craptacular planning ideals are coming back to bite him in the rump.

em 4:53 pm 23 Mar 05

I think it’s a bit of both. There are some Canberrans who want an apartment instead of a house, but not as many buyers as there are apartments being developed. I would guess that apartment developments are mostly driven by investor demand – people buying new apartments to rent out. So if everyone’s into shares while they’re so cheap, maybe not as much left to invest in property?

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