Canberra properties are investors safe haven
The Canberra property market is booming, with investors piling to buy profitable properties. Canberra locals also insist it is one of the country’s best real estate markets. It has been voted the most liveable city on many occasions since 2014, demonstrating its potential as an investment destination.
According to Domain’s Property Price Forecasts for 2020, the Canberra home market would have expanded by 4% to 6% in 2020, with units expected to grow by 1% to 3%. Overall, conditions, as expected, were stable.
Canberra Real Estate has boomed based on the stability of conditions. And it is being predicted that the real estate market would continue to rise if the moderate prices persist.
The market for Canberra real estate rentals
A key factor to keep in mind is that rentals are so popular in Australia that it takes less than a week to replace the tenants leaving. According to the first CoreLogic Quarterly Rental Review of 2019, the typical rent in Canberra is rising; for example, it has reached $550 per week (up 3.6 percent from previous years). This has resulted in several areas offering yearly rental yields above 4%, which are expected to rise as demand grows.
Where are investors making the most money? Well, according to Domain Rental Reports, top-end units in Darwin apartments are delivering a record high of 7.4% yield. It is the highest ever for any Australian capital city.
The Canberra real estate market is witnessing a high rental price for Darwin properties, and, astonishingly, rental is more than the sale price.
Canberra real estate rental is becoming more popular as the pandemic has pulled people to the city. Remote work opportunities and safe locations with health amenities are the only goals for people right now. The pandemic is building the attraction for real estate investment. But would the post-pandemic situation look similar for the market? We’ll have to find out.
Three best suburb areas to invest in
According to a recent analysis by Upside, the three districts around Canberra promising to be the best investment in 2021 are Franklin, Jerrabomberra, and Coombs. Despite these three being the most enticing, picking winners in Canberra’s superb housing market remains challenging.
Canberra has never been a better place to work and live and even invest. With over $2.9 billion in infrastructure projects underway and town centers transforming into dynamic, urban areas, Australia’s youngest capital city is undergoing an extraordinary makeover.
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