Hi, my partner and I are looking to purchase our first property here in Canberra. We recently moved her about 2 months ago for work from Geelong.
There is a massive difference in pricing from where we originally come from and it has completely shocked us both.
We are stuck between buying an existing house or build a house in Canberra. All new land releases are north side such as Forde, MacGregor and Casey. But the land sizes arent that great at all
We have a loan approval for $350k. But with building here in Canberra our loan falls short, theres a possibility we could stretch the loan to accommodate it if we choose to go down that road.
We look online everyday for houses and when we see one that we like; by the time we have time to call and arrange an inspection the house is already sold..
We currently live rent free and can continue doing so for another 4 to 6 months and have been saving $2k a fortnight.
We wish to get involved in property investing and would love to know peoples thoughts and experiences on property here in Canberra.
I like the idea about living here rent free and rent out the purchased property and put the rent + monthly repayment (an extra) towards the home loan
look forward to your responses
cheers
Danielhi dank,
canberra has been an interesting place in terms of property values in the last 6-7 years. after the bushfires in 2003, a lot of renovations went on and people made good money on their improved properties (insurance payouts etc), and a lot of builders came here to cash in on it (thank heavens – there were never enough back then)
then the ACT government stopped any further development for a couple of reasons – retention of the 'rural capital' concept, pressure from the greenies etc. so property values went sky high – a lot of areas have more than doubled in 6-7 years.
over this whole period – in fact, in the 12 yeaqrs i have been here – large federal government departments have retracted their operations back to canberra – agencies like centrelink which once had computer centres in from memory four capital cities are now doing almost all of it here and quite a few people moved to canberra to keep their jobs.
it has all added up, that plus the increasing commercialisation of what was supposed to have been a 'government city' (probably a good thing, as shops and restaurants and cafes are now open after 5 PM weekdays and noon saturdays) has pushed prices up in line with the outer suburbs of sydney.
there are still good bargains to be had, unfortunately you have chosen a not-to-good time to be looking as values are again on the rise.
advbice from my partner, whose ex husband was in the building trade here in canberra – choose an area, and look for a place on a hill with a view to the mountains, even if its a small place. property sizes are never going to improve – bear in mind you will spend an average 3-4 months a year indoors (its not called 'cooma north' for nothing!) – and the industry is following the western sydney model.
you will need to drive around a bit (canberra isnt that big) to see what areas you like, but thats the curse of property buying.
Generally, commercial property needs heavt investments and it is not wise to cross your limits. Seeing the current market, it wouldn’t be too attractive investment. Better invest in multiple purpose property that suite residential as well as commercial purpose both. You may compromise with size but shouldn’t do that with the location.
thanks slydar…much appreciate the reply….
The areas that I like are positioned north canberra like Gungahlin and around there.. We are currently at Yarralumla but the housing prices here are much to high.
what are your thoughts (and others too) on the Rental Land Scheme here in Canberra? Is this something to consider or should avoid? I understand that the 2% or 4% of the land you pay weekly and that doesnt go towards owning the land. But the option to buythe land will always be there.
My partner is most keen to build in Forde or Casey (north canberra); Im keen for either build or purchase exisiting.
But we are both very interested to get stuck into property investing but are very new to it all
What ever we choose to buy it will only be our PPOR for at least 3 years
Hi guys
Just a quick update
Couple weeks ago, we have put down a deposit for a piece of land in new Bonner estate. (610sqm); just outside of Gungahlin
Wont be ready to build on until Jan / Feb 2010.
Have been looking at some designs and we will be set for FHOG
Hoping to buy a second property within a years time but not sure about it being in Canberra
Hi Daniel,
I would think about where you will work. A couple of thoughts:
Also, if you can find something which might cost a little more but have a granny flat you could get additional rent if required.
Australian National University (ANU) also look for accomodation for foreign students which can pay good $$.
I am a long time Canberran, grew up on the south side so am a bit biased.
You might find a private sale on allhomes.com.au or in the columns at the rear of the Saturday Canberra Times (even put your own classifed in both).
Here are a few around your price range:
http://www.allhomes.com.au/ah/ah0073?slid=167365640
http://www.allhomes.com.au/ah/ah0073?slid=167368994
dank78 wrote:Hi guysJust a quick update
Couple weeks ago, we have put down a deposit for a piece of land in new Bonner estate. (610sqm); just outside of Gungahlin
Wont be ready to build on until Jan / Feb 2010.
Have been looking at some designs and we will be set for FHOG
Hoping to buy a second property within a years time but not sure about it being in Canberra
Hi Dank
I know this thread is a bit of a blast from the past but if you’re still around I’m curious to hear how your Bonner property turned out.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
You must be logged in to reply to this topic. If you don't have an account, you can register here.
