State of Markets - ACT January 2013

Fast figures

• 6482: Count of total established properties (SQM Research)
• $375: Median weekly rent (ABS)
• $1,947: Median weekly household income (ABS)

Works begin on Cotter road upgrade
Work has commenced on the first stage of the upgrade of Cotter road, which will help cater for the increased population in the new residential areas of the Molonglo Valley, director roads ACT, Tony Gill has announced.

"Currently a single carriageway, Cotter road carries over 20,000 vehicles a day and acts as a major thoroughfare for traffic travelling from inner south suburbs, such as Weston Creek through to the city.

“With future residential development in areas such as Molonglo Valley, the volume of traffic along this road is forecast to increase to over 30,000 by 2021," Mr Gill said.

Delays are expected on Cotter road, Lady Denman drive and McCullough street during the works.

Motorists are advised to seek an alternative route, or factor extra time to their commute.

Works are expected to be completed by June 2013, weather permitting.

ACT property sentiment remains negative
Uncertainty in the federal political environment, combined with increasing concern about domestic economic conditions, continues to harm ACT property sector confidence, with new research showing a negative outlook for the industry.

The latest Property Council of Australia – ANZ Property Industry Confidence Survey shows a shift in sentiment from 85 on the index for the September quarter to 92 for the December quarter. A score of 100 on the index is considered neutral.

ANZ head of property research, Paul Braddick, says ACT respondents maintained a negative view of the property sector for the December quarter.

“A score of 92 on the index reflects a soft economic outlook for the ACT,” Mr Braddick says.