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Canberra property market unaffe...

Canberra property market unaffected by election

The election had a minimal impact on the Canberra market.

The Canberra property market was mostly unaffected by the Australian election in 2013, new data has revealed. 

An Australian Property Monitors report indicated that Canberra was the only capital city to record negative house price growth in 2013. 

Colliers International ACT state chief executive Paul Powderly explained job security had an impact on the market, as people were worried they could lose their work. 

But Real Estate Institute of the ACT president Michael Kumm stated that despite the reported lack of confidence, there was strong competition for houses because of factors such as low stock numbers and a high proportion of units. 

''It has been a pretty good year for selling - the election hasn't affected the market at all. The reality is we have a low stock base at the moment," he said. 

Property values in Canberra fell during the September 2013 quarter, data released by the Australian Bureau of Statistics recently showed. 

In contrast, the performance of the property market across much of the rest of Australia was strong in 2013. 

Posted by Ravin Chatlani

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