ACT's property market has been strong recently – so much so that it has been noted as a major factor in the state's growing economy of late.
The whole point of CommSec's quarterly report is to get a feel for how the economy is performing in the long term. It uses eight different indicators (such as housing commencements, retail spending and population growth) to gauge each state, offering a quick and easy performance guide for Aussies everywhere.
In CommSec's latest State of the States report for October, it shows ACT in third place for its economy, hot on the heels of New South Wales and Victoria. This, according to the report, is largely down to the property market.
Out of all the states, the ACT is first in terms of housing finance. Additionally, it's coming second in economic growth, and third in a number of areas including business investment and retail trade.
Overall, the ACT ranks in third place. It has kept this favourable spot thanks to "higher home prices and home loans", according to the report.
To illustrate the state of housing in the ACT at the moment, the most recent CoreLogic monthly indices report shows the growth in Canberra home values. Houses, for example, showed a monthly end value of $698,740, which is up 9.22 per cent on a year prior.
These figures show that the real estate in Canberra and the rest of the state continues to boost the economy, with buyer demand helping to push up housing prices. For anyone looking to sell their property in Belconnen, this may mean being able to ask a little more as a selling price than they would have a year – or even six months – ago.
This report comes at a time when many experts are predicting something of a plateau in Australia's real estate market.
The entire sector has been booming for years, so may return to normal levels in the future. This could be exciting news for those who have been looking at purchasing property in Canberra, as prices could drop down to more affordable levels, especially for first-home buyers, should this prediction come to fruition.
If you're looking to make the most of the ACT's strong property market with a sale or purchase of Belconnen real estate, be sure to get in touch with the experts at Ray White Belconnen!