Hey guys,
I live in sydney but the prices are so high that I am resorting to investing elsewhere.
Came across an apartment in Canberra CBD where a 1BR is sold for $390 and Brand new with a rental expected at $400 per week.
Any general advice on investing in Canberra ?
thanks mate.
Awesome advice - unlike sydney canberra has pockets where there is demand vs other areas which are pretty flat.
You may consider buying landed property there if your budget allows. Apartment not a great investment option - i know of someone who got burnt pretty bad - bought off the plan !
My mates rent just went up in Canberra due to supply and demand. I'm not doubting you, just thought I'd throw that in.
oversupply ? who told you that. There are massive amount of apartments, but not many are vacant. Most people come to Canberra for work or short stay therefore high demand for it. And demands are seasonal as well.
Just keep away from crappy apartment builds.
Labour sure thing federal election….buy now!!!!@@@
Buy in Googong. It'll become a big thing
It's advertised during every commercial break in Canberra. That makes me think otherwise.
Let's come back to this thread in ten years you and I :)
It is the same as investing anywhere else, in a roundabout way.
Walter Burley Griffin had a giggle from the grave
The best advice you can possibly have: Don't crowdsource your investment strategies from an online forum.
Land tax is a real killer in Canberra 4k per year for a 390K property. ouch!
Do your research - there's lots of new apartments in Canberra that look good but not all of them are. Some have terrible layouts like wardrobes larger than the kitchen, apartment is mostly hallway, giant bathrooms. Some are also way overpriced. In a block near me the 3-bed apartments were valued under the off-plan sale price by the banks at settlement, and not just a little bit under. There are also some 1-bed apartments being built below the minimum lending sq meterage, make sure you check the size (if established) or have plenty of breathing room (if off-plan or newly complete).
But also consider a house or a townhouse (either body corporate or seperate title).
Oh, and don't forget all land in Canberra is leasehold! Don't be shocked when there's no title :).
thanks, so what happens after the lease is finished ?
Oh, and don't forget all land in Canberra is leasehold! Don't be shocked when there's no title :)
ACT land is crown leased, so it is not like you are getting a 5+5 lease from Joe Bloggs. Also you do get a title.
thanks, so what happens after the lease is finished?
Single residential leases are for 99 years, and if they get close to expiry, you pay an administration fee to renew them for another 99 years. For almost all intents and purposes, it works no different to freehold.
Except when the Gov suddenly doesn't allow you to renew. Perhaps it may never happen… but it's still a remote possibility.
Which is very similar to the remote possibility of compulsory acquisition with freehold.
Yes - Don't.
Sydney ppty prices are high because that's where all the demand is. Demand is what drives price increases, so buying somewhere cheap WITHOUT the same potential for demand is going to mean you're buying somewhere where prices are stagnant and not going to rise.
Think this one might be more relevant:
http://www.canberratimes.com.au/act-news/canberra-has-an-ove…
Canberra has the biggest oversupply of housing of any jurisdiction other than the Northern Territory, according to new research.
The capital has 6700 more homes than population demands, in particular an over-supply of apartments in the town centres, according to the Australian National University report.
Well, the numbers don't lie, thank you for the link.
Be careful with apartments as there is a massive oversupply of them in canberra. If you don’t find the right one you might have to accept much lower than expected or face having it on the market for a long time.