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‘Surprisingly Strong’ Recovery for Canberra Property

By Ben Faulks

The housing market in Canberra has shown surprising strong signs of improvement, recent analysis suggests.

The city bottomed out fairly early in comparison to other capitals, RP Data's Tim Lawless explained, with the market reaching its lowest point in January last year.

However, since then property values have started to rebound and are now up 5.1 per cent compared to January 2012.

Mr Lawless indicated that these results are especially surprising given that uncertainty usually arises around the time of a federal election – and there has been some softening in the rental market.

At a combined capital cities level, values still need to recover by more than three per cent before they hit historic highs, although the expert believes it will not be long before this situation arises.

Other recent data from RP Data and Rismark International showed that home values have increased across Canberra, which may have knock-on effects for Belconnen apartments.

The capital saw a 3.8 per cent increase in prices over the March quarter, with the median dwelling price in Canberra now valued at $505,000.

Furthermore, total gross returns on these properties stand at 8.4 per cent, suggesting that now be a good time to invest in Belconnen real estate.

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