State of Markets – ACT October 2012

Fast figures

• 1.4%: Vacancy rate in Canberra (SQM Research)
• 10.41%: Average annual growth, Canberra houses (RP Data)
• $475: Average rent (houses) in Cook (RP Data)

Inner North Canberra development a step closer
A master plan for a significant development in Canberra has been submitted to the government, taking the project a step closer to realisation.

Revamping Northbourne Flats in Braddon and Turner will triple the number of existing units on the site to nearly 900, as well as add communal facilities.

ACT community services minister Joy Burch said the planned extension was a “high quality urban design”.

“This is an important milestone in a major infrastructure project for the ACT Government that will see a substantial increase in housing stock in the Inner North, and provide a fitting gateway for the entry to our city,” Ms Burch said.

“The first development application for stage one is expected to be submitted next month, which will clear the way for the start of the sale of the first development package.”

Scullin Shops upgrade now complete
A $1.12 million upgrade to Scullin Shops was recently opened by education minister Chris Bourke.

“The $1.12 million upgrade of Scullin Shops has revitalised the public space, giving locals and traders a more attractive, interesting, safe and more accessible local centre,” Minister Bourke said.

“Community feedback in recent years has shown people place great value on their local shops at the heart of their communities. I know that Scullin residents have been keen to see this upgrade revitalise their shops.”

Features of the upgrade include new street furniture, landscaping works, upgrades to paving and lighting, improved stormwater drainage, a new toilet block and a new playground.

Many suggestions from locals and traders are included in the final design.