Who lives in Belconnen? The question is broad and not particularly easy to answer, especially with all of the change that's happened since the last census. By taking a look at the data from 2011 though, we can get an idea of the different demographics that make up the district, and how they might affect real estate in Belconnen moving forward.
With large investments in properties, better services and even new suburbs over the past few decades, it's clear to see that Belconnen has changed a lot, developing from a largely rural area on Canberra's outskirts into one of the most desirable place in the ACT. Even today, fresh developments and opportunities are cropping up all over the place, underlining just how much activity is going on in the region.
It's no secret that the 2016 census hasn't gone particularly well, with large-scale website failure leading to red faces at the Australian Bureau of Statistics. Even so, we can still take a look at the previous data, to see how the breakdown of residents five years ago has effected the growth of the area. In 2011, the age split was quite even amongst those in their 20s and 30s. The biggest age group by far was 25 to 34, with 32.6 per cent of the population fitting in this range.
More tellingly, over 50 per cent of Belconnen's residents were aged between 20 and 44 in 2011 – highlighting the district's status as young, growing and full of opportunities. As part of this, the demographics were heavily skewed towards professionals (36.5 per cent), and more than 60 per cent of those studying were enrolled in some form of tertiary education.
There are a lot of people renting a home in Belconnen.
So what do young professionals and tertiary student mean for the property market? Well, in a nutshell it means that there are a lot of people renting a home in Belconnen – 61.9 per cent of residents in 2011. This makes the region appealing for those with investment properties, as there's a large market of people looking to lease, which in turn results in better prices.
In the future, as these professionals move upwards through the work force, it's likely that more and more will be looking to buy, which goes some way to explaining the many residential developments going on in and around Belconnen. The long-term effects on the prices of property remain to be seen, but as we know from similarly developing areas, with more people looking, it's reasonable to expect sale prices to go up.
For more information on real estate in Belconnen, get in touch with the team at Ray White today.