Canberra Property Market Update April 2020

The ACT residential property market continues to be driven by high wages support by strong government employment and low general unemployment (3% in the ACT compared to 6% Australia wide). The public service accounts for 42% of the ACT’s total workforce which is heavily responsible for the strong $108,000 per year median income in the ACT. The high median income keeps property prices on the high comparative to the rest of Australia. The median house price in Canberra currently sits at $691,000 (January 2020) compared to the national average of $809,000 (January 2020) making it the 3rd most expensive Australian city behind Melbourne and Sydney. Property under the $600,000 mark continues its popularity among first home buyers, which is likely to continue.

The weakening economy due to the Coronavirus pandemic makes short term conditions unpredictable. Strong government employment suggests that the ACT’s unemployment rate will remain low and the ACT local economy will remain stronger than other economies relying heavily on private sectors. However market conditions are unpredictable and the unprecedented circumstances provide little guidance in what may happen in the near future.

Speak with a Canberra Mortgage Broker today.