Canberra's population has been growing faster than that of Sydney and Melbourne over the past four years, with a significant influx of working-age professionals and families, particularly in areas like Molonglo and inner-city suburbs such as Braddon and Dickson. Although there was an increase of nearly 5,600 residents aged 20 to 64 from 2019 to 2023, the number of young children decreased by almost 400, reflecting broader trends like high housing costs and lower birth rates.

Urban development has shifted north, especially in Gungahlin, which has seen substantial growth in new residents, primarily families. Conversely, Tuggeranong, more popular with older residents, has had minimal growth and a decline in younger populations. KPMG’s Terry Rawnsley noted that Canberra's appeal as a job hub and its vibrant cultural scene are attracting more people, contrasting with declines in working-age residents in parts of Sydney and Melbourne due to affordability issues.

This trend raises concerns about transport and infrastructure strains in suburban areas as workers move further from city centers.

In 2024, Canberra's property sales market is subdued, with agents facing longer listing times and a high number of homes being passed in at auction, indicating a buyer's market. High interest rates, rising living costs, and low consumer confidence are dampening demand, leading to homes averaging 51 days on the market compared to 43 days the previous year. While total listings are slightly lower than last year, there is still a steady influx of new properties.

Experts suggest this period may be an opportune time for buyers, as prices could decrease further. However, persistent high interest rates, although another increase put on hold this month, are limiting borrowing capacity, making it difficult for first-time buyers to enter the market without family assistance.

As the local ACT Election looms in October housing comes back into focus for the government with various new policies announced.

27th Septemb23 2024