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Belconnen may not be so affordable forever

By Ben Faulks

Canberra's property market has been experiencing growth and price increases in recent history, albeit more modestly than some other cities. Despite this continued growth, our city's homes still remain very affordable compared to other similar regions. A home in Belconnen, for example, should set you back around $400,000 according to Residex's listed median house price for the area, a figure that is unheard of anywhere near cities such as Melbourne and Sydney.

Adding to the disparity last year, Canberra's average property value grew by 4.6 per cent as reported by the Australian Bureau of Statistics. This is certainly a promising statistic but it pales in comparison to Sydney or Melbourne's growth in average property prices of nearly 10 percent last year. 

As exciting as these affordable prices in Canberra are for property bargain-hunters, it may be all about to change.

Riverview Projects is undertaking a large-scale operation, building 11,500 homes in West Belconnen.

West Belconnen Development

On behalf of the ACT Land Development Agency (LDA), an Australian company called Riverview Projects is undertaking a large-scale operation, building 11,500 homes in West Belconnen over the next 30 years. Houses will begin to pop up fairly quickly, reportedly at a rate of between 300 to 400 a year.

This development will be located a mere 10 minutes driving from Belconnen town centre, and 20 minutes driving from Canberra city central, offering its many residents easy access to all local amenities.

The development will include full-sized family homes, smaller detached properties, townhouses and, later, apartment buildings next to a retail centre. Residents will enjoy easy access to nature, located directly next to the Murrumbidgee River Conservation Corridor and several local parks – a fact which should help ensure residents have an excellent quality of life.

As you can see, there's big things in store for our town and its surrounding areas, which may lead to considerable increases in property prices. For the time being however, both buying and renting in Belconnen remains extremely affordable – if you get in quick.

How affordable is Belconnen in the scheme of things?

As we mentioned above, Belconnen's median property prices are incredibly low compared to many equivalent areas in cities such as Sydney and Melbourne. In fact, the median property price in our town is a mere $406,000, while Camden – a small town over an hour out of Sydney – has a median property price of almost $650,000 according to Residex.

Another comparable (if slightly more central) suburb, Brunswick, sits just outside of Melbourne and has a staggering median home value in excess of $900,000. This further proves that Belconnen is wildly affordable compared to similar areas near large cities, offering a comparable lifestyle and easy access to everything you could ever need. Plus, upcoming developments are only going to improve the already outstanding quality of life of our residents.

Belconnen's median property prices are still incredibly low compared to many equivalent areas.

How cheap can real estate in Belconnen be?

We know Belconnen's affordable, but how cheap can real estate here really be? Residex found that the median price of a unit in Belconnen is around $360,000 – only $50,000 less than a detached home.

For this reason, many buyers may decide against buying a unit and enjoy the luxury of space that a fully detached property offers.

However if you're focussed on getting your hands on super cheap accommodation, a unit may be the ideal entry point. Residex found that the median unit price on Disney Street, near the town's centre, has an incredibly low median value of only $281,093 (this means that half the units on this street are priced under this amount!)

With property prices this affordable and all of the exciting developments under way in the region, now's a better time than ever to get in touch for help buying or renting in Belconnen and surrounding suburbs.

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