State of Markets - ACT June 2012

AUSTRALIAN CAPITAL TERRITORY

Fast Figures

• $430 million: Total spend on second phase of Canberra airport development
• 1.5%: Vacancy rate for suburb of Barton (SQM Research)
• $525,250: Median price for metropolitan houses (RP Data)

ACT edges more towards positive sentiment

The ACT was the only state or territory to report any shift towards positive sentiment in the past quarter, according to the Property Council of Australia.

The latest Property Council of Australia-ANZ Property Industry confidence survey saw a shift away from negative sentiment, as well as a lift in confidence around house price growth.

Despite this turnaround, 43 per cent of ACT property professionals do expect the Territory to have weaker growth during the next quarter.

Fifty-two per cent of respondents thought the government was not doing a good job planning and managing growth.

The survey attracted responses from 2,300 developers, engineers, architects, consultants and planners.

ANZ said a softening demand for housing due to slowing population growth presents further concerns.

Airport shopping centre a ‘vote of confidence’

A new shopping centre in Canberra Airport is a vote of confidence for investors eyeing property in the Territory, according to Chief Minister Katy Gallagher.

The Majura Park Shopping Centre is set to inject 400 new retail positions into the area, lifting employment at Canberra Airport to more than 10,000 workers, Ms Gallagher said.

“The opening of this new shopping precinct is another clear signal from the business community of their confidence in the ACT economy. There is confidence in our city, in our spending power and confidence in the future,” she said.

“In just over a decade, Canberra Airport has grown into a multi-faceted transport, business and retail gateway which contributes significantly to Canberra’s economy.”