State of Markets – ACT January 2012

Fast Figures

• $710,000 – median house price in Nicholls, ACT
• 4.86% – average gross rental yield for Canberra houses
• 10.93% - average annual growth for Canberra units

McGrath real estate for Canberra region
McGrath Estate Agents has plans to open two new offices to serve the greater Canberra region.

McGrath entered the ACT market in February 2010, with McGrath Woden; McGrath Dickson is set to open in 2012, with plans for a satellite office in Manuka.

“The ACT represented our first interstate venture beyond NSW and the reasons for doing so remain as sound as ever,” chief executive John McGrath said.

Over the past 18 months the office has seen a strong flow of buyers between Sydney and the ACT as well as encouraging sales results.

More than $50 million in sales has been generated in the ACT from three development projects through the collaboration of McGrath Projects with McGrath Gungahlin.

The Cox Architect apartments and terraces are nearing 50 per cent and 70 per cent sold respectively.

“Without doubt, Canberra is one of the most exciting real estate regions in Australia at present, having survived better than any other capital the GFC in terms of median price growth and rental demand and yield,” Mr McGrath said.

ACT tenants to be put on national blacklist
ACT property managers will soon be able to report tenants for damaging the property they’re renting.

New laws that come into effect in February 2012 will curtail secret rental blacklists from circulating and will help deliver a more open system, allowing people to obtain reviews if they were previously added to the list.

This will allow property managers and agents to list tenants on national databases if they have caused damage to a rented property that is greater than their bond, or if the ACT Civil and Administrative Tribunal has terminated their agreement.

Currently, it is illegal to enter information about ACT residents onto these lists.