By Herron Todd White
Canberra is a growing city with a highly mobile population that continues to experience demand that outstrips supply. In terms of affordability, Canberra is an expensive city to live in. The population broadly speaking comprises young singles and couples looking for a place to live for the short term, families with young children and those with teenagers looking for a second or third dwelling and retirees. In recent years the increase in retirees wanting to downsize after a life in the public service or private enterprise has seen demand for prestige units around Lake Burley Griffin and the Kingston Foreshore drive quality developments.
Canberra tends to be divided by Lake Burley Griffin located in the city centre and there are allegiances to the north and south. Most buyers have a tendency to stay on the side where they currently reside. Price and location then dictate demand from the inner suburbs radiating out to the newer land subdivisions on the territory’s fringe.
Financially secure retirees seek modern premises and low maintenance well-built townhouses or units such as Campbell and Ainslie in the north and around Manuka and Kingston in the inner south. Middle ring suburb locations also include Mawson, Farrer in the Woden Valley and Monash and the suburbs of Crace and Ngunnawal to the north.
The middle ring suburbs including Evatt, Melba and Florey in the north and Farrer, Torrens, Wanniassa and Kambah in the south appeal to those looking for a second or third home. Families with teenage children have also seen benefits in three- and four-bedroom low maintenance townhouses and units with modern facilities and public transport options nearby.
The new suburbs in Gungahlin and West Belconnen tend to attract younger families wanting project dwellings built on vacant land. This option is also appealing to those with multi-generational households. A number of five- and six-bedroom dwellings have been newly constructed in Moncrieff and Throsby providing various options for larger families with a substantial number of bathrooms and second kitchens becoming regular inclusions.
This brings us to couples and singles who want modern, well-located units with access to restaurants, cinemas, universities and public transport. Affordability remains the key factor driving demand with affordable units providing options in the City CBD and town centres of Belconnen, Woden and Gungahlin all of which have shopping facilities, cinemas and restaurant and cafe precincts.
In summary, demand is good in all sectors and properties that offer buyers move in ready dwellings with modern kitchens and bathrooms and no projects that have access to local facilities provide a smooth transition from one property to another no matter who the buyer is.
Speak with a Canberra Mortgage Broker today.