Canberra Property Market and Real Estate Guide
(Canberra, Australian Capital Territory - ACT, Australia)
Canberra is the capital city of Australia and home to a diverse population of high-income bureaucrats, working families and tens of thousands of university students, and the city's property market reflects this diversity.
Average rental and purchase prices for houses and apartments are about a third lower than within the Australian state capitals of Sydney
, since inland Canberra fails to attract the large numbers of expats and travellers that flock to these bigger, coastal Australian cities.
The suburbs around the Australian National University, such as Page, Lyneham and Braddon, are popular with students and prices here are affordable, but rentals predominate. South Central Canberra is the embassy district and properties in suburbs, including both Barton and Yarralumla, are mainly freestanding, grand houses, and buyers and renters will pay a premium in these blue-ribbon locations.
Outlying districts, such as Woden and Belconnen, are well served by public transport and contain their own shopping centres and amenities, and property prices in these places are the lowest in Canberra. Property in these areas is popular with single professionals and young families.
Renting Serviced Apartments
Serviced apartments are very common in Canberra due to the nature of the city's main businesses - people tend to visit Canberra for conferences, short-term public sector work and study on a regular basis. Serviced apartments are located in all areas of the city, although are particularly numerous in the inner city districts.
Prices for serviced apartments in Canberra are relatively high and rarely cheaper per night than a typical four-star hotel. They include a kitchen, private bathroom, communication and internet amenities, and can range from one bedroom apartments to multi-bedroom family suites. Minimum length of stay is one night in most cases, and payment of full stay plus equivalent refundable deposit is required in advance.
Buying Apartments and Houses
Purchase of property by a non-Australian citizen solely for the purpose of renting it to a third party is almost invariably refused by the Foreign Investment Review Board. However, any kind of visa, including long-stay tourist visas, permit anyone to purchase property in Canberra or anywhere else in Australia, although the property must be resold on completion of the visa period.
In general, house and apartment prices in Canberra are more expensive in the inner city suburbs. The sprawling outer suburbs offer free standing homes with large backyards and swimming pools, but despite this extra space and comfort, they tend to sell for half or less than smaller properties closer to downtown Canberra.
Real Estate Agents
Canberra real estate agencies offer professional service and expert advice, and private rentals via online or newspaper classifieds are also generally trustworthy. The major Australian real estate chains have outlets in Canberra, and realtors maintain up-to-date property portfolios, with staff usually being dedicated either to rentals or sales.
Check out the following Canberra realtors and estate agents:
Century 21 Canberra
Address: 21 City Walk, Canberra, Australian Capital Territory (ACT), 2601, Australia
Tel: +61 (0)2 6163 0888
Century 21 Canberra specialises in long-term residential rentals in all suburbs of the city.
LJ Hooker Canberra City
Address: 1st Floor, 182 - 200 City Walk, Canberra, Australian Capital Territory (ACT), 2601, Australia
Tel: +61 (0)2 6249 7700
LJ Hooker Canberra City is located directly in the centre of downtown Canberra and specialises in short-term fully-furnished accommodations.
Badenoch Real Estate
Address: 64/1 Beissel Street, Belconnen, Canberra, Australian Capital Territory (ACT), 2617, Australia
Tel: +61 (0)2 6264 0900
Located in the large ring suburb of Belconnen, Badenoch Real Estate specialises in homes for sale and rent outside the centre of Canberra.