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Confidence in the ACT’s property market on the rise

By Ben Faulks

Whether you're planning on buying or selling your Belconnen property in the near future, it's important to know what others think of the state of the market. Garnering a clear idea of how people feel about the housing industry in general can offer hints as to what you should expect in terms of prices, time on the market and more. 

Fortunately, confidence in the ACT's property market appears to be on the rise, which may spell good news in the coming weeks and months for those interested in Belconnen real estate.

Dissecting the data

While Australia's property market – and wider economy for that matter – has been fairly stagnant of late, new research suggests that people are optimistic about the future. Nowhere is this confidence more apparent than in the ACT, which boasted a 19 point increase in business sentiment between June 2015 and 2016, according to a collaborative survey between ANZ and the Property Council of Australia. This represents the highest 12 month growth out of every state in the country.

ACT Executive Director Merlin Kong explained that there are a number of key factors driving this trend.

"The overall results for the ACT are positive, with residential, office, retirement living, and hotel/tourism capital growth expectations increasing from the March 2016 quarter," surmised Mr Kong.

Planning ahead

The results are in stark contrast to what many were expecting earlier in the year. But is it possible to sustain this high level of confidence? Mr Kong stressed that the state government needs to provide a strong framework that will allow the property sector to continue to build on this momentum. 

"Addressing this, the Government needs to ensure that the ACT has the right planning and taxation frameworks to stimulate investments, which in turn creates more jobs."

What lies ahead remains to be seen, but in the here and now you can take advantage of strong confidence in Belconnen's property market by getting in touch with the team at Ray White.

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