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Housing Affordability at a Good Level in Canberra

By Ben Faulks

A new report from BIS Shrapnel has shown that the median house price in Canberra has fallen slightly in the year to June 2012, which may be of interest to buyers looking to secure Belconnen or Gungahlin real estate.

According to the July 1 report, the median house price has dropped by one per cent to $490,000, resulting in a seven per cent reduction from the peak seen in March 2011.

This slight decrease in median house prices has resulted in affordability improving across the city, which is a positive change for first home buyers who wish to enter the Belconnen real estate market.

BIS Shrapnel senior manager Angie Zigomanis stated that prices in the area may further decline in the future, as there is currently an underlying excess of housing stock in the market.

"Nevertheless, Canberra has the highest incomes of the capital cities and affordability is not as strained. This should prevent any major price declines, with the median house price forecast to be more or less flat over the three years to June 2016 (a total rise of three per cent), which reflects a decline of five per cent in real terms.”

For help with finding a great deal on real estate in Gungahlin, contact one of the agents at Ray White Belconnen today.

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