2017 was a big year for Canberra. Light rail construction was in full swing, our first tram arrived and who could ever forget Lonely Planet naming our great city the third best in the world.
It was a big year for Canberra property, too. With the median house price surpassing $700,000 for the first time and approximately 37 suburb records broken (source: Allhomes), 2017 saw Canberra sitting near the top of the highest growing capital cities in Australia.
But what does this all mean? And where is the market heading in 2018? We sat down with John Minns, Chief Operations Officer of Independent Property Group and Hannah Gill, Managing Director of Independent Property Management, to find out. Continue reading
Catherine still has possessions in storage from the last time she moved. It didn’t seem worth finding spaces for them all when she knew she’d have to box them all up again in a few months, so now she’s paying for a storage unit as well as her rent. She’s already moved four times in the past five years, and her lease is up in six weeks. She’d love to buy some plants for her balcony, or choose her own paint scheme, but it doesn’t seem worth it when she’ll just have to move again shortly.
At Perspective, we hear several tales like Catherine’s. These are tenants who want nothing more than to settle down in one spot, find their favourite local cafe and introduce their children to the nearby schools. But instead, they’re asked to move by landlords who want to sell up, move in or renovate. Some landlords also only offer six-month leases, and because there’s so much competition for the longer leases, tenants like Catherine might find themselves with no choice but to accept six months. Continue reading
It’s that time of the year again. Spring is in the air, and a young parent’s thoughts turn to school catchment zones. With the ‘right schools’ taking on almost mythical status, some parents are turning to nefarious means to get their children enrolled from outside the catchment zone. Whether it’s because certain schools are seen as more prestigious in their own right, or because parents believe they’ll feed into high-performance high schools, many Canberra schools are seeing enrolments surge above capacity.
While as far as we know, nobody has yet resorted to unmarked dollar bills in a plain paper bag, there are plenty of stories of families using false addresses that put them in the right zone. Some school principals across the country have gone as far as to require several years of documentation, hired private investigators or even referred families to the police. Continue reading
It’s the one word that has the power to make any tenant squeamish and reduce even the most fearless to tears when it comes close to vacate time…bonds. That one word can signify the difference between being reimbursed a month’s worth of rent or never laying eyes on it again, and bond refunding is (unfortunately for both sides of the equation) still an extremely prevalent issue. Continue reading
We heard on the grapevine that the powers that be have made some alterations to the Residential Tenancies Act 1997. Chances are, you saw “Residential Tenancies Legislation Amendment Act 2016” and fell asleep by the word “Amendment”. Fear not! The Perspective team has deciphered the at times convoluted legal jargon and compiled a straightforward summary of the changes that could affect you. Continue reading