Recently voted by the Organisation for Economic Cooperation and Development (OECD) as the “best city in the world to live”, Canberra offers a fantastic lifestyle and investment opportunity. Often referred to as the ‘Bush Capital’ due to area’s vast native bushland and abundance of fresh air; Canberra is home to world class education and research institutions, multiple federal government agencies, national attractions and several multinational corporations, yet a thirty minute drive and you could find yourself in a lush nature reserve.
Australia’s capital is known as one of the best-planned cities in the world. The city benefits from an abundance of parks and gardens, picturesque lakes, world-class sporting facilities and a thriving restaurant and café scene. The ’20 minute city’ features toll-free roads, a large network of cycle paths and a convenient public transport system. Getting to school, university or work is easy. Travelling further afield? Canberra’s own airport has recently undergone a $480 million dollar redevelopment to offer travellers a truly world-class facility. A short 48 and 65 minute flight to Sydney and Melbourne respectively, Canberra is strategically located between Australia’s two most populous cities.
Canberra consistently has one of the lowest unemployment rates in Australia. In January 2016 the Department of Employment noted that Canberra recorded an unemployment level of 4.9%. Average wages also compare very well. In May 2016 the Australian Bureau of Statistics (ABS) found Canberra had the highest average wages in the country, with Western Australia, second and Northern Territory, third.
Due to Canberra’s strong employment and high wages, housing affordability consistently ranks very well. In June 2016 the Real Estate Institute of Australia (REIA) released their quarterly report, once again ranking the ACT as Australia’s most affordable state or territory in which to buy a home. Greater affordability often means there’s capacity for prices to grow.
With its lifestyle advantages, strong employment and growing business sector, it’s not surprising that Canberra has a growing population. The Australian Bureau (ABS) reports that they expect Canberra’s population to grow at a higher rate than the national average for several decades to come.
Why Canberra? The terrific lifestyle benefits combined with strong employment, high average wages, excellent housing affordability and healthy population growth forecasts, make property investment in Canberra a very attractive prospect for investors.