Job security will be the major issue in the ACT residential market in the short to medium term, according to CBRE’s Residential MarketView report.
Sam Reilly, CBRE global research and consulting associate director, says cuts to public servant numbers would leave the residential market under increased pressure.
“Employment security has long been a mainstay of the ACT, with property prices experiencing stability and growth in recent times due to the comparative advantage that job security provides,” Reilly says.
The sub-$500,000 house market continues to experience relatively stable levels of buyer demand and selling periods shorter than higher price brackets.
The upper price bracket is the most subdued market, the report says. Stamp Duty in the ACT increased in the recent ACT Government Budget, and CBRE says this has the potential to further discourage sales in houses priced over $1 million.
The report says marketing periods in the prestige bracket are now up to 12 months, with some vendors deciding to take properties off the market.
The unit market in the ACT is dominated by high volumes of off-the-plan sales in the major town centres around Canberra, the report says.