There could soon be a surge in demand for real estate in Belconnen, as the ACT is named the most affordable and liveable state or territory in the country.
Not only has the latest Adelaide Bank/REIA Housing Affordability Report named the territory as the most affordable in the country, but the Property Council ranked Canberra as the second best place to live.
Responding to the news, the Real Estate Institute of the ACT's president Michael Kumm noted that it is currently more affordable to own a property in the area than it is anywhere else in the country.
"Rents in the ACT also became more affordable over this period, improving by 0.6 per cent to bring the proportion of income required to meet median rent down to 15.1 per cent. This is 1.4 percentage points lower than a year ago," he commented.
The Real Estate Institute of Australia recently called for action to be taken on housing affordability in order to encourage more first-time buyers to make their move on to the property ladder.
Figures show that the majority of first home buyers opt for established properties – 82 per cent compared to 18 per cent who opt for new builds.