Canberra Property Market Update May 2020

Historically the Canberra residential property market is stable and steady with consistent growth generally occurring year on year. We don’t tend to see the spikes and falls like some other markets but general stability.

Fundamentals that create this stability include low unemployment, above average annual incomes and a strong Government and public sector employment base.

On 16 March 2020, the ACT Government declared a public health emergency due to the Coronavirus (Covid-19) pandemic. There have been relatively few local cases documented and overall the community is feeling safe and accepting of the measures introduced, although somewhat inconvenienced.

At this stage, the full impact of Coronavirus on the local economy and more specifically the property market cannot be known.

We are still seeing transactions occurring at all levels and generally agents are reporting that most purchasers are finance ready and able to compete with confidence in the market. Sellers may be adjusting their expectations slightly but this has had minimal impact so far.

In autumn the rental market generally stabilizes after higher demand periods in January and February and we have not yet seen any significant changes into this crisis period.

The outlook for the remainder of the year is difficult to predict. The landscape changes very quickly, however, the stable market conditions mentioned hold the Canberra residential property market in good stead.

Speak with a Canberra Mortgage Broker today.