Canberra is the capital city of Australia, located in the Australian Capital Territory or the ACT. It is the eighth largest city in the country, and the largest one inland. As a compromise between rivaling cities Sydney and Melbourne, Canberra was selected as the nation’s capital. Its marvelous design was fruit of a worldwide city-planning contest won by American architects Walter Burley Griffin and his wife, Marion Mahoney Griffin.
Inspired by the Garden City Movement method of urban planning, it contains areas of residency, agriculture, and vegetation in proportioned areas, incorporating the natural vegetation and surrounding waters in its design. It is the country’s seat of government, and is home to more than 400,000 Canberrans. With such rich history, delicately planned structures, a high-performing economy and such young energy, the market of Canberra real estate still follows through its potential.
Real Estate in Canberra: By the Numbers
When looking for real estate in Canberra, one should take note of the various factors affecting the lifestyle of the locals residing in it. One such factor is the population. As of the last census, Canberra has just over 400,000 residents housed in its 814 square kilometer area. It is located 660 kilometers off the northeast of Melbourne, and 280 kilometers to the southwest of Sydney. It has an elevation of at least 580 meters, and has an oceanic climate. Annual rainfall in Canberra is deemed lowest among Australia’s capital cities, however, it is spread evenly among the seasons. It is less humid than other coastal areas.
Although it has struggled quite a bit in the past, the better part of the decade saw Canberra stand up again. Annual demand for all dwellings has increased by more than 27%, with apartments taking the stronger lead compared to houses. Demand for houses has increased by 26%, and when buying a house in Canberra, the current median house price stands at $679,000. Apartment demands are at a high with 33.5% increase, with the current median apartment price of $427,000. The median price for all current dwellings stand at $596,000. It might be a bit pricy for others, but not the Canberrans. Among all the Australian capital cities, Canberra ‘s average level of disposable income is the highest. The average weekly wage in Canberra is at $1702, higher than the Australian national average of $1485.
The average age bracket in Canberra is relatively younger than other capital cities, with residents mostly aged between 20-39 years old. 81% of the residents are singles and independents, while the remaning 19% are with families. The top occupation groups in the area are Public Sector/Safety workers at 33%, Professionals at 15%, and Hospitality workers at 14%.
(Data from Realestate.com.au)
Why Choose Canberra Real Estate
Canberra is a marvelous city to live in. It has great facilities, amenities, and bits of entertainment spots to strike your fancy. The unemployment rate is low, the average income high, and the general population is relatively young. It is a work hard and play hard city, and at the end of the day nothing beats the balance of gorgeous greenery and the convenience of city living. If you are up to the challenge, then look for a real estate property in Canberra today!
Other States in Australia
Other locations in Australia are equally as desirable as the Australian Capital Territory. Choose a region below to find out the best locations in the area. If you need information on the real estate buying process for foreigners in Australia, check our Foreign Investor's Guide.
Do you need help in finding the right property? Contact us and we'll assist you with your investment needs.