Canberra

 

The Smartline Report – March Edition

 

The month in review: Canberra

By Herron Todd White
March 2016

The ACT property market has undergone a significant gentrification over the past five years with the emergence of Braddon’s Lonsdale Street precinct and the Kingston Foreshore as two of the most sought after residential locations.

In 2010 Lonsdale Street was a medley of mechanic warehouses and mixed commercial space. The Civic Pub was yet to be refurbished and offered the only nightlife – if you were game. These days not only is the Civic Pub thriving but the whole Braddon precinct has come to life with a mixture of cafes, bars and restaurants. Underpinning this transition has been significant development in the residential space including the Mode 3, Habitat, Ori and Arte developments. With development ongoing we expect demand for units within the precinct to continue to grow with 1-bedroom apartments typically starting around the $400,000 mark for key developments.

The Kingston Foreshore took off around the same time as the Lonsdale Street precinct, albeit on the opposite side of the Lake. In contrast to the gentrification Lonsdale Street underwent, the Foreshore rose from the dirt. Where Green Square and Manuka were previously the inner south hot spots the Foreshore has now become the frontrunner. The Foreshore provides ambience with a number of mixed use developments of multi-storey residential accommodation and ground floor cafes, bars and restaurants, with scattered office space throughout. Again, entry points for the Foreshore typically start around the low $400,000 mark.

Other areas to keep an eye on include Dickson and Woden. While the plans to redevelop the Dickson shops appear to have been put on ice for the time being, expect to see activity in this space on the back of an extremely strong residential market through the inner north and the development of the light rail corridor. Woden has recently seen the construction of a number of low rise unit developments adjacent to the shopping centre, with some major highrise developments in the pipeline.

 

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Please note that information in this publication is subject to change without notice. Smartline assumes no responsibility for any errors, omissions or mistakes in this document. © Smartline Home Loans P/L 1999 – 2016. Australian Credit Licence Number 385325