Canberra has recorded the highest prices growth for houses and units as well as yields for property investors in the country throughout 2021, finds a market report produced by My Housing Market, Chief Economist, Dr Andrew Wilson.
Commissioned by property developer, Geocon Group, the largest builder/developer in Canberra and recently ranked by the Housing Industry Association (HIA) as the fifth-largest privately-owned construction company in Australia, the report found Canberra’s property market is outperforming all other capital cities, a trend that is set to continue well into 2022.
Geocon Group Managing Director, Nick Georgalis said this is truly a boomtime market fuelled by continued low-interest rates, a strong local economy, still-positive chronic housing shortages, high rental returns together with capital growth and irrepressible buyer confidence.
“The Canberra market remains Australia’s top-performing market with property prices and rents set to continue to rise in 2022,” he said.
Median apartment prices sit at over $540,000, an increase of over 17 per cent this year with strong rental returns averaging $540 per week, the highest in the country.
Canberra is now providing investors with the highest gross returns of all the capitals for both houses and units, the report shows, with a total annual return of 24.01% on units generating a yield of 5.51%. (Total annual return includes a combination of capital gain and rental yield growth this year).
In 2021, Canberra also recorded the lowest unemployment rate of all capitals and the highest average weekly earnings of all states of $1,909 per week.
Mr Georgalis said this is an incredible opportunity for investors to take advantage. “There are three key factors which will see Canberra’s market continue to thrive,” he said.
“It’s a hot property market as investors are still pouring into the market, government programs are expanding and requiring more skilled workers to relocate to Canberra and lastly, large numbers of international students are set to return to the ACT as international border restrictions lift,” he added.
Nightfall and the broader Republic Precinct are architectural masterpieces from world-renowned architects Fender Katsalidis. With numerous award-winning and industry-acclaimed developments under their belt - including Australia 108, MONA and Seafarers - Fender Katsalidis again proves their worth as Australia’s premier architectural team at Republic Precinct.
Nightfall’s 22-storey apartment complex will house 334 one and two-bedroom apartments with panoramic views of Lake Ginninderra or the Black Mountain Tower. Following the spectacular market interest in the development, Nightfall has only 23 apartments remaining - marking this as the final opportunity to buy.
In addition to the architecturally designed interiors and generous floorplans, the development also offers its residents a private entertaining space complete with a barbecue area, chef’s kitchen and private dining room on level two. “This space is somewhere residents can take ownership of as an extension of their homes,” explained Adam Morgan, Head of Sales at Geocon.
Adam describes the precinct as a ‘destination’. “It has not only changed the landscape of Belconnen but added a lot to the economy by adding a couple of thousand people into the area. It’s a bit of a game-changer,” he said.
Adam says Nightfall is perfect for “investors, first home buyers and young professionals” who will appreciate its design and proximity to universities and local amenities. University of Canberra, Westfield Belconnen and Calvary Hospital are all less than 10-minutes away, while Canberra Domestic and International Airport is only 20-minutes from the precinct.
Geocon's current projects include WOVA, Nightfall, Metropol and High Society. A total of 2,595 apartments are due to be delivered by late 2024, across all major areas of Canberra.
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