There hasn’t been a better time to buy a home in Canberra in 15 years. With record low interest rates and the current affordability of home loans, you would think more and more first home buyers would be flocking to the market. But there have been several reports which reveal first home buyer numbers are actually down.
So what is preventing new buyers from entering the market? Well, it might be surprising to hear, but it could actually be due to the way the first home buyer grant is currently applied.
The Housing Industry Association released a report recently that revealed there were less than 50 development applications made in key residential areas in the 12 months leading up to June this year. That represents a fall of over 60% when compared to the same period just one year earlier.
This report is significant because it provides some insight into the lack of medium density housing in Canberra’s inner suburbs, which is an important issue impacting an increasing number of Canberrans who are currently on the lookout for accommodation options suitable for their changing lifestyles.
Even if you weren’t one of the 1.8 million Australian’s who watched the finale of The Block last week, you’re probably heard about the perceived underwhelming results achieved by several of the properties.
While the winning team achieved beat their reserve price by an amazing $335,000 when their property went under the hammer, and the runners up sold theirs for $310,000 over the reserve, 2 of the properties only sold for $10,000 over the reserve – which left a lot of people shocked and questioning what went wrong. The thing is though, under normal circumstances this would still be seen as a good result. But by comparison, and because of the artificial situation and the unrealistic expectations The Block creates, it appears as though these 2 properties performed poorly.
We’ve discussed heritage listings before and the flats along Northbourne Avenue in particular, but with the recent news that the Dickson Flats have somehow been granted provisional heritage status, we thought we should revisit the topic.
The degraded and empty buildings were all set for demolition and redevelopment before the ACT Heritage Council stepped in and threw a spanner in the works. They’ve also called for the flats to be fully registered as a heritage site. Why anyone would seriously think preserving these buildings is a good idea is beyond us.