Something I have noticed since moving to the territory is that Canberrans are fiercely loyal to the side of the lake on which they reside. The territory’s population grew +1.2 per cent in the 12 months to the end of June 2014, 0.4 per cent behind Australia as a whole. According to the latest Australian Bureau of Statistics this growth occurred in the northern districts. Our southern counterpart actually recorded a small population decline. This has meant over the past 10 years the centre of our population has moved 1.6 kilometres north, to the Yarralumla banks of Lake Burley Griffin. This left me wondering, is our buying behaviour continuing to sway to the north during 2015? Buyer behaviour
Demand has been on the rise throughout the year to date. The plummeting temperature, which does typically result in a quieter period in real estate, has not deterred buyers. Allhomes data reveals 269 extra dwellings have sold already this year, increasing +9.3 per cent compared to 2014. Buyer activity has been on the rise across Canberra. South Canberra had 97 additional sales while north Canberra had 172, almost double. Sales are swaying north. Demand for dwellings located in the northern districts grew 10.7 per cent, whereas demand for dwellings located in the southern districts grew only 7.5 per cent. This has resulted in north Canberra being home to over half of the dwellings sold, 56 per cent of sales. Gungahlin drives growth
Our booming northern suburbs continue to see strong levels of development, through the creation of new suburbs as well as development within existing suburbs. The flow-on effect of continued new dwelling supply in the Gungahlin area has resulted in four of the top 10 suburbs to purchase located in the Gungahlin district. In particular Casey, Bonner and Harrison populations have boomed, increasing by more than 15 per cent during 2013-14. During 2015 they remain suburb hotspots to purchase. There are buyer hotspots in the south too. Demand for property in Kingston soared by 41 per cent this year, most of this growth is due to increases in high and medium density dwellings concentrated around the lake foreshore. Leaning north
It appears our buying behaviour is leaning to the north and perhaps as a result our population centre is continuing to shift north during 2015.
Nicola Powell is a property expert for Allhomes. Twitter: @_DataGen. Property show on 2CC Fridays 4.30-5pm.
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