What is stopping me getting a property in Canberra (live-in for myself or IP) is the feeling that Canberra will be the most vulnerable city to an ageing population.
A large chunk of the Australian Public Service is due to retire in the next few years, especially since it is apparently for some superannuants to retire in their early fifties. Given the cost of living, the cold, the distance to the beach and the fact that most Canberrans were born and thus have ties in other parts of Australia, I am predicting Canberra’s population will decline over the next decade. Low unemployment is also keeping young Australians from joining the public sector and military.
In the last quarter the population of the ACT actually fell.
Anybody care to give a contrary opinion?
I am fairly new on this forum, but i am glad to see someone from Canberra too
.Well my view of the whole scenario is kind of skewed. There are many crucial factors that everyone is hoping to have answers to sometime within the next few months.
You may notice that buyers and sellers are weary of the market. their not sure whether it will stay steady or fall.
A fair amount of the houses are now sold by AUCTION.. rather than an asking Price.
WHY?
Because Sellers themselves arent quite sure how much their house is worth. They dont want to advertise their house too high, because it will be on the market for too long, too late. Also, they dont want to underprice it. Real Estate agents’ advice? “F$#K if we know!!”
Thats why they let the Buyers decide, what they are preapred to pay. And honestly, go see some auctions on Saturdays. 50+ ppl will show up, but no one bids! Its a deadbeat!there was a post a while back, regarding the recent surge in fuel prices (and still believe to rise), is equivalent to a 0.5% interest rise.
We are twitching our fingers to see what the RBA decides to do with the rates (my belief, is they they wont rise this year at all – geez i really put my ass on the line here. hahaha). Speculations are that it WILL rise, and this will seriously hinder many homeowners. Particularly in Canberra.If this happens, House prices will surely soften. Given this and the constant marginal unemployment rate, over the years young/middle age people will find it slightly more affordable to live in Canberra.
Hi Mardy,
Interesting comments but I disagree with alot of what you have said. I feel confident about Canberra’s future and long term prospects as I live, work and invest here I feel I have experience to reply to your post.
The public service is ageing along with private enterprise (there is more private than public servants in Canb for the record) but the defence force is moving offices here both to Bungendore (near Queanbeyan) and Bruce which will increase the population and the demand for houses. The public service is planning a big advertising campaign to fill the gap when PS retire.
These adds will attract people from other states that wish to have better lifestyles, better paying jobs, no traffic jams in comparison to either Syd or Melb.
Yes it does get cold here but you rug up or you go to the snow and we do have 3 other distinct seasons that are sooo beautiful.
Work has also started to build a huge factory outlet of over 80 factory outlet shops and Brindabella Park is also expanding there office area.
As far as not been near the beach we have the best of both worlds here being approx 1 hr 50 from either the beach or the snow fields.
Whereas in Syd you may be nearer to the beach distance wise but it would take you nearly as long to drive there from the western suburbs. Cost of living is counteracted as surveys tell us that we are better paid workers.Hmm what else…yes if you watch the net for properties being sold especially around the $300,000 mark they sell very quickly. I don’t go to auctions I sniff out bargains also in ACT we get most of our stamp duty back when you purchase here.
Hope the above gives you a little bit more in sight what is happening in ACT.
Cheers
Jenny1
I always thought Governments got bigger, not smaller, over time…..
JBJenny, I’m impressed with you take.
Sounds like you think there is plenty of room around the margins for sharp eye and a smart mind.
Thanks,
Mark“Ut sementem feeceris”
“You reap what you sow”Modernity Investing
Email Me
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