Apartments and detached housing doing well in the ACT
A new report has highlighted the property market in the ACT, showing where is currently hot and not for investors.
Property valuation and advisory group Herron Todd White has revealed its August 2017 month in review residential report, showing the current landscape of the ACT’s market.
The ACT, as a whole, is set for slow growth, according to the report, due to an increased supply of apartments. Despite this, rental demand is still strong.
For investors who wish to pursue yields over capital growth, the report recommends the purchase of an apartment, especially those located in the CBD and suburbs like Woden, Tuggeranong, Belconnen and Gungahlin, as well as apartments close to the University of Canberra and Australian National University.
The report also warns new apartments in Molonglo Valley, Gungahlin and Tuggeranong could have little to no capital growth in the short term because of the increasing supply.
Capital growth for detached housing has also been described as performing well in the ACT.
For investors looking to build, the report states an entry point could be through the Mr Fluffy asbestos removal scheme, which sees property that utilised Mr Fluffly loose fill asbestos demolished, the asbestos removed, and the land the property is on to be put up for sale.
There are, according to the report, “several hundred blocks” made available in profitable areas, which could pave the way for profits down the line in terms of land and property value, as long as investors are willing to pay.
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