Black Diamond is the final release of Aspen Village, a joint venture project between Geocon and Empire Global in Canberra&#39;s Fyshwick.

Inspired by Aspen&rsquo;s ski villages, Black Diamond delivers modern living on Canberra&rsquo;s unspoilt natural fringe, Geocon&#39;s Founder and Managing Director, Nick Georgalis, says.

&quot;Aspen village melds a luxuriously relaxed, nature-filled lifestyle with all the buzz and amenity of modern urban living,&quot;&nbsp;Georgalis adds.

[smartcode_project:default project_id=107705 project_image_fid=175000]

With private spaces scattered throughout, amenity was a key focus in the design of Black Diamond and the wider Aspen village as a whole.

The Summit,&nbsp;Aspen Village&rsquo;s 2,200 sqm&nbsp;rooftop entertaining space is fitted out with an indoor-outdoor bar, heated infinity edge pool, bookable private lounge areas, barbecue and&nbsp;dining facilities, fire pits and a lawn area, creating an all-year-round extension to the apartments.&nbsp;&nbsp;

The Alpine Bathhouse boasts a boutique selection of 24/7 resort-style amenities spanning across 100 sqm, including three private indoor/outdoor spa rooms, as well as a 12-person sauna overlooking Lake Tuggeranong.&nbsp;

[smartcode_project:default project_id=107705 project_image_fid=175004]

Rounding out Aspen Village&rsquo;s amenities is the Chef&rsquo;s Kitchen and&nbsp;Dining, as well as an onsite carwash and concierge service.&nbsp;

Nestled on Canberra&#39;s emerging southern fringe, the Aspen Village is also well connected to the surrounding amenity with a five-minute walk to South Point Shopping Centre and just a 20-minute drive to Canberra&rsquo;s city centre.

[smartcode_project:default project_id=107705 project_image_fid=175001]

Set within the Aspen Village, residents are amongst a buzzing retail precinct literally on the doorstep of Black Diamond, home to an artisanal pizzeria, gastropub, coffee shop and bakery as well as grocery store, bottle shop and gym.

The project offers something for all corners of the market, from investors to first homebuyers, down-sizers and investors with its 295 apartments presented in a mix of primarily one and two-bedroom opportunities, with the limited three-bedroom apartments sold out.

[smartcode_project_cta: project_id=107705]

Inspired by Aspen’s ski villages, Black Diamond delivers modern living on Canberra’s unspoilt natural fringe, Geocon's Founder and Managing Director, Nick Georgalis, says

alisonwarters@gmail.com

Black Diamond: The final release in Canberra's ski-inspired Aspen Village

New protections will come for off the plan buyers in the ACT after new laws passed in the Legislative Assembly.

The Civil Law (Sale of Residential Property) Amendment Bill 2021 was legislated after complaints about off-the-plan contracts being unfairly rescinded.

Under the new legislation, developers will be able to rescind a contract only if the buyer consents or if there has been an order of the ACT Supreme Court.

The developer must give 28 days written notice to the buyer and must disclose why the contract should be revoked. 

If the buyer does not agree, the developer may seek an order from the Supreme Court sanctioning the recission.

The court will take into account the impact that the revoked contract has on both the buyer and seller. 

“The recent trend of developers rescinding contracts has led to great personal distress for some buyers, as well as undermining confidence in the off-the-plan property purchase market,” said ACT Attorney-General Shane Rattenbury.

He noted there had been "inappropriate opportunistic conduct” which had prompted protections for homebuyers from sunset and development delay clauses "in illegitimate and unjustifiable circumstances."

“The housing market is already stressful for buyers, and it is often first-home buyers who are looking at off-the-plan purchases. It was important to act swiftly to address these concerns and protect consumers from rescissions occurring in bad faith.”

“Developers will still be able to include sunset and development delay clauses in off-the-plan contracts, but they will only be able to use these clauses to rescind a contract if the buyer consents or if they’re permitted by an order of the ACT Supreme Court,” he said.

There are similar rules in other states.

jchancellor-FAypfDUnLy

Canberra off the plan buyers get contract rescission protections

The four-tower apartment development WOVA in Phillip&rsquo;s Woden Valley, located at the heart of a vibrant new urban village in Canberra&rsquo;s rapidly awakening centre.

Developed by Canberra&rsquo;s largest developer Geocon, WOVA is part of the next wave of ACT&rsquo;s multi-billion dollar regeneration project.

It will play host to a revitalised residential and mixed-use community precinct, set for completion in 2024.

The roughly 800 apartment development will feature a collection of one, two and three-bedroom apartments with ultra-convenient transport connectivity and abundant amenity.

[smartcode_project:default project_id=7947 project_image_fid=186452]

There are dozens of cafes and eateries surrounding WOVA, beyond its own commercial and residential ground floor featuring eateries, cafes, boutique retail and convenience stores.&nbsp;

There&#39;s over 3,000 sqm of landscaped gardens across the precinct for residents to stroll through.

Dining establishments a short stroll away include Belluci&rsquo;s, Turkish Pide House and Au Lac Woden Vegan Cuisine to name a few, as well as those in the Westfield Woden, a five minute walk down Nelson Drive.

The Phillip swimming and ice skating center is nearby, as is Phillip Oval, the popular Escape Room Canberra and not far is the National Museum of Australia.

[smartcode_project:default project_id=7947 project_image_fid=186449]

WOVA is conveniently close to transit options from planes to trains and obviously automobiles, from the Canberra Airport as well as multiple nearby bus stops and just two minutes to the proposed stage 2 light rail.&nbsp;

All of which provide convenient access to Canberra&rsquo;s city centre just 10-15 minutes away.

WOVA residents have access to an onsite lap pool, fitness studio and gym, as well as working spaces that make work from home simple.

There is also a cinema available which residents can book for private use.

Residents also have access to a number of entertaining areas, featuring lounge and dining facilities, as well as a rooftop terrace.

[smartcode_project:default project_id=7947 project_image_fid=186451]

Designed by the award-winning Fender Katsalidis and Oculus Urban Design, WOVA &nbsp;apartments feature spacious balconies and functional living areas. While in the off the plan stage, residents can choose from three different colour schemes.

WOVA&rsquo;s one bedroom apartments are benefitting from the ACT government&#39;s recent scrapping of stamp duty. With prices starting from $319,900, they fall well within the $500,000 range specified.

Two bedroom apartments start from $513,900, while three bedroom apartments begin at $1,250,000.

[smartcode_project_cta: project_id=7947]

The ~800 apartment development will feature a collection of one, two and three-bedroom apartments with ultra-convenient transport connectivity and abundant amenity

jordan_55689

Walking Tour: What’s within walking distance of Geocon’s WOVA in Phillip

Canberra&#39;s largest developer Geocon Group are continuing their Woden Valley&nbsp;precinct WOVA, as part of the next wave of ACT&rsquo;s multi-billion dollar regeneration project.

WOVA, short for WOden ReVAmped, is set to host a revitalised residential and mixed-use community precinct, slated for completion in 2024.

The four-tower development will feature a collection of one, two and three-bedroom apartments with ultra-convenient transport connectivity and abundant amenity.

A number of WOVA apartments benefit from the ACT government&#39;s recent scrapping of stamp duty for off-the-plan apartments and townhouses up to $500,000 with the one-bedroom apartments falling into that bracket.

Urban has taken a look at WOVA and its apartments.

[smartcode_project:default project_id=7947 project_image_fid=186446]

<h2>1. Developed by the Canberra-based experts at Geocon Group</h2>

Since its establishment in 2007, Geocon has risen as Australia&rsquo;s fourth largest residential developer. The company has an annual turnover of $250-300 million and is now one of Canberra&rsquo;s most successful developers.

Geocon Group has 10 projects currently available for purchase including two Braddon projects, Midnight and Envie, as well as Belconnen&rsquo;s three-stage Republic. They are also working on the The Kingston Arts Precinct among others.

The company&rsquo;s philosophy is to create&nbsp;&ldquo;architecturally-stunning buildings that deliver a new standard of contemporary living.&rdquo;

[smartcode_project:default project_id=7947 project_image_fid=186452]

<h2>2. Designed by the experts from Fender Katsalidis and Oculus Urban Design</h2>

Designed by the award-winning Fender Katsalidis and Oculus Urban Design, WOVA &nbsp;apartments feature spacious balconies and functional living areas. While in the off the plan stage, residents can choose from three different colour schemes.

The apartments feature SMEG appliances and stone benchtops in the kitchen and custom joinery in the bathroom.&nbsp;

Fender Katsalidis has become the leading architecture practice in Australia since it was founded back in 1996. The now global firm is behind Australia 108 in Melbourne&rsquo;s Southbank, Herald apartments in Sydney&rsquo;s Newcastle, and a number of other ACT projects they collaborated with Geocon on, including High Society, Metropol and Nightfall.

[smartcode_project:default project_id=7947 project_image_fid=186456]

<h2>3. Revamped community in a sought-after location</h2>

Located at the heart of a vibrant new urban village in Canberra&rsquo;s rapidly awakening centre, WOVA is the beginning of a turning of a brand new page for Woden Valley.

There are dozens of cafes and eateries surrounding WOVA, beyond its own commercial and residential ground floor featuring eateries, cafes, boutique retail and convenience stores.

WOVA is in the geographic heart of Canberra, where convenience is within easy reach:

<ul>
	<li>5 minutes walk to Westfield Woden</li>
	<li>11 minute drive to Canberra City Centre</li>
	<li>14 minutes drive to Canberra Airport</li>
	<li>8 minutes drive to Lake Burley Griffin</li>
	<li>6 minutes drive to the Canberra Hospital</li>
	<li>2 minutes to Phillip swimming and ice skating center and Phillip oval</li>
	<li>2 minutes to the proposed stage 2 light rail</li>
</ul>

[smartcode_project:default project_id=7947 project_image_fid=186453]

<h2>4. Plenty of amenity</h2>

WOVA residents have access to an onsite lap pool, fitness studio and gym, as well as working spaces to make work from home simple, something especially important in COVID-troubled times.&nbsp;

There is also a cinema available which residents can book for private use.

Residents also have access to a number of entertaining areas, featuring lounge and dining facilities, as well as a rooftop terrace.

There&#39;s over 3,000 sqm of landscaped gardens across the precinct for residents to stroll through.

[smartcode_project:default project_id=7947 project_image_fid=186450]

<h2>5. Affordably priced apartments</h2>

One-bedroom apartments fall well within the new $500,000 stamp duty write-off bracket for off-the-plan apartments in the ACT.

Find out the pricing for each one, two and three bedroom WOVA apartment on the project listing.

[smartcode_project_cta: project_id=7947]

WOVA will host a revitalised residential and mixed-use community precinct set for completion in 2024

Five things Urban love about Geocon's WOVA apartments in Canberra

The ACT Government has scrapped stamp duty for off-the-plan apartments and townhouses up to $500,000.

The stamp duty abolition will apply to any buyer &ndash; first-home buyers, upgraders, downsizers and everyone else in between &ndash; who purchase off-the-plan, the territory government said.

Under these changes, anyone purchasing a newly built apartment or townhouse valued at $500,000 will save $10,360 in stamp duty.

The welcomed phase-out of stamp duty is effective from 1 July 2021.

This is great news if you are looking for the perfect property to purchase and benefit from the new stamp duty reforms.

Urban takes a look at five off-the-plan properties in the ACT listed for under $500,000.

1. WOVA, Phillip 
Developer: Geocon Group 
Two-bedroom apartments from $475,900

[smartcode_project:default project_id=95099 project_image_fid=167553]

Situated in Canberra&rsquo;s Woden Valley, WOVA by Geocon Group is set to redefine contemporary community living.

The four-tower development boasts a collection of one, two and three-bedroom apartments with unrivalled transport connectivity and abundant amenity.

Designed by Fender Katsalidis and Oculus Urban Design, WOVA features spacious balconies, functional living areas and is located at the heart of a multi-billion dollar regeneration project.

2. Marlu, Denman Prospect 
Developer: Core Developments 
Two-bedroom apartments from $429,900

[smartcode_project:default project_id=29327 project_image_fid=84947]

Settled amongst Denman Prospect&rsquo;s finest homes, Marlu presents one, two and three-bedroom dwellings.

Designed by Stewart Architecture, the development visually fits into the surrounding context, with northern frontage overlooking Molonglo Valley and Black Mountain.

The space is equipped with an outdoor pool, gym, and communal entertaining area, as well as a central garden which provides amenity, solar aspect and privacy.

3. Nightfall, Belconnen 
Developer: Geocon Group 
Two-bedroom apartments from $484,900

[smartcode_project:default project_id=29898 project_image_fid=167586]

The final stage of Geocon&rsquo;s Republic Precinct, Nightfall, is due to reach completion at the end of this year.

The 21-storey tower boasts one and two-bedroom apartments with 30 different floorplans to meet the needs of a variety of buyers.

Designed by Fender Katsalidis, Nightfall includes a private sky garden, fully equipped kitchen, residents&rsquo; dining room and an established ground-floor plaza with retailers, supermarkets, caf&eacute;s and restaurants.

4. Dawn at Founders Lane, Braddon 
Developer: JW Land Development 
One-bedroom apartments from $415,000

[smartcode_project:default project_id=6542 project_image_fid=164004]

Dawn occupies one of the most coveted positions in Canberra, located at the boundary of Civic and Braddon.

Founders Lane is set to bring a fresh new wave of life to the city centre with open flowing space and a fresh look.

Each one and two-bedroom apartment boasts access to a central courtyard, a rooftop garden, an abundance of natural light and a sense of calm and wellbeing.

5. The Brooke, Bruce 
Developer: AVANTUS 
Two-bedroom apartments from $455,000

[smartcode_project:default project_id=88669 project_image_fid=144662]

The Brooke includes 99 beautifully thought-out apartments in one and two-bedroom configurations.

Inspired to optimise the best of Canberra, the development is nestled between Belconnen and the City and boasts convenient access to medical, educational, sporting, retail, and commercial precincts.

Designed by JUDD.studio, the homes include traditional and futuristic elements, spacious backyards and balconies and a contemporary colour palette.

This ACT Government's stamp duty reform is great news if you are looking for a new off-the-plan property to purchase in Canberra.

max.kwok_55688

 Five Canberra apartments under $500,000 that benefit from ACT’s new stamp duty reforms

The ACT government has scrapped stamp duty for off-the-plan apartment and townhouse purchases up to $500,000 from July 1.

The stamp duty abolition will apply to first-home buyers and other owner occupiers who exchange purchases for off-the-plan in the territory from July 1.

<a href="https://www.urban.com.au/developments/act">Buyers of newly built apartments or townhouses at $500,000 will save $10,360 in stamp duty.</a>

The eligibility criteria includes satisfaction of residency requirements, that at least one buyer must live in the home continuously for at least one year, starting within 12 months of the date of completion/settlement date.

Since 2012 the ACT has been reducing stamp duty.

&ldquo;This is a further step in our tax reform program and one that encourages an increased supply of housing below the $500,000 threshold,&quot; ACT Chief Minister Andrew Barr said.

The announcement is part of the territory&rsquo;s 20-year plan to phase out stamp duty and replace it with an annual land tax.

The plan has been underway since 2012.

Stamp duty has also beeen reduced by $1040 for any owner-occupier established property purchase between $200,000 to $1.455 million in 2021-22.

As part of the ACT tax reform program, average general rates have increased to offset revenue that would otherwise be lost due to the abolition of stamp duty.&nbsp;

This did not occur in 2020-21 as part of the Government&rsquo;s response to the COVID-19 pandemic.

The ACT government has scrapped stamp duty for off-the-plan apartment and townhouse purchases up to $500,000 from July 1

jchancellor

ACT stamp duty scrapped for owner occupier off the plan purchases up to $500,000

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EXPERT INSIGHT

In less than a year, the Australian Capital Territory managed to overtake Victoria, New South Wales, Queensland, South Australia and Tasmania to take out top spot in HIA’s Housing Scorecard Report.

The HIA Housing Scorecard report presents analysis which ranks each of the eight states and territories based on the performance of 13 key residential building indicators, including detached and multi-unit building activity, renovations, housing finance, and rates of overseas and interstate migration.

The Australian Capital Territory has benefited from steady population growth and a stable labour market when compared to other jurisdictions. This has supported strong demand for new homes and renovation activity, which has been boosted by the HomeBuilder program. Activity in the first home buyer sector has also grown strongly. 

This is the first time since 2014 that the nation’s capital has topped the Housing Scorecard.

Victoria’s incredible run of housing market success came to an end in 2020. 

Victoria consistently ranked in the top two spots from late 2015 to mid-2020. The COVID recession has seen the state slide from first place into sixth in just six months. This fall is due to a contraction in most of the thirteen indicators. 

New South Wales has also fallen to its lowest Scorecard ranking since 2012. New South Wales now has just one indicator, multi-unit commencements, remaining in the top two of the nation.

Tasmania, Queensland and South Australia have remained near the top of the rankings, in second, third and fourth position respectively. These states have endured the challenges of the COVID recession with greater resilience than Victoria and New South Wales.

Tasmania’s economy had valuable momentum heading into the COVID recession, underpinned by a substantial volume of home building. Ongoing state government support for home building, including social housing projects, will provide support for the state’s labour market.

In 2020, South Australia recorded its first quarter of positive net interstate migration flow since 2002. Many of these new residents are quickly putting down roots which has provided a significant boost in demand for new detached dwellings.

Queensland, which already had the strongest renovations sector in the nation, has seen a further surge in renovations approvals. The south eastern corner of the state has continued to attract interstate migration from Sydney and Melbourne which partially offset the loss of overseas migration.

The second last ranking for Western Australia hides the remarkable surge in activity since mid-2020. The extent of the recovery is only just starting to emerge in official data. An improving economic outlook for WA, the federal government’s HomeBuilder program and the state government’s support package for residential building has seen owner occupiers and investors return to the market.

The economic disruption in 2020 reshuffled the Housing Scorecard rankings.  
The relative strength of residential building activity across the states and territories will be heavily influenced by the take-up of HomeBuilder and other stimulus measures in 2021.

Thomas Devitt is an HIA economist
</body></html>

ACT has topped the nation in HIA's Housing Scorecard: Thomas Devitt

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Australia offers some of the world's most glamourous pools, a number of which can be found in Canberra.

Despite the generally colder weather, that doesn't stop the elaborate and intricate construction of open-air pools across a number of new, planned and under construction developments.

The leading new apartment developer in Canberra is the Geocon Group with 14 different projects, across multiple stages of readiness and completion listed on Urban.

<h2>1. <a href="https://www.urban.com.au/new-apartments/park-avenue-20-allara-street-canberra">The Establishment</a>
</h2>

Corner of Gundaroo Drive and Gozzard Street, Gungahlin ACT 2912

<figure><a class="colorbox colorbox-insert-image" href="https://www.urban.com.au/new-apartments/the-establishment-corner-gundaroo-drive-and-gozzard-street-gungahlin?ref=srp_listview" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="427" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/establishment_facade.jpg?itok=CC-PYaSy" width="580"></a></figure>Inspired by Chicago’s industrial warehouse scene, The Establishment offers one, two, three-bedroom and loft apartments “designed for luxury and forged in style,” the marketing reads. Homes begin at just $313,000 for a one-bedroom, one-bathroom apartment in the complex.

The residence offers private amenities, including a rooftop infinity-edge lap pool (pictured in the title) with outdoor spa and an exclusive outdoor strength and agility gym. It is located just five minutes from Yerrabi Pond and numerous parklands and walking tracks.

The project offers two-bedroom, one-bathroom apartments from $452,900. 

It is one of many ACT offerings from Geocon Group and is set for completion in 2021.

<h2>2. <a href="https://www.urban.com.au/new-apartments/aspen-village-corner-reed-and-anketell-streets-greenway">Aspen Village</a>
</h2>

Corner Reed and Anketell Streets, Greenway ACT 2900

<figure><a class="colorbox colorbox-insert-image" href="https://www.urban.com.au/new-apartments/aspen-village-corner-reed-and-anketell-streets-greenway" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="428" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/aspen_village_pool.jpg?itok=sw07MWeR" width="580"></a></figure>Aspen Village features a selection of 1, 2 and 3 bedroom apartments with sweeping views in every direction, from Lake Tuggeranong to The Brindabella Range.

The residence offers price amenities including an outdoor rooftop entertaining area, including BBQs, dining facilities and fire pits as well as a heated infinity-edge pool.

Prices in the Geocon development start from $330,000 for one-bedroom apartments, $440,900 for two-bedroom units and three-bedroom apartments start from $713,900.

<h2>3. <a href="https://www.urban.com.au/new-apartments/grand-central-towers-15-bowes-street-phillip">Grand Central Towers</a>
</h2>

15 Bowes Street, Phillip ACT 2606

<figure><a class="colorbox colorbox-insert-image" href="https://www.urban.com.au/new-apartments/grand-central-towers-15-bowes-street-phillip" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="430" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/gct_pool.jpg?itok=qiCGSM19" width="580"></a></figure>Grand Central Towers comprising two 16-storey and 25-storey buildings is comprised of 448 residences. Around the time of it's announcement in 2018, the Woden development broke the ACT sales record, according to joint developers Geocon and Zapata.

Buyers snapped up more than $100 million worth of property at a special sales event, with the development’s proximity to the Stage 2 of the light rail line being a key factor in the property’s appeal. A rooftop infinity pool also helped.

“Selling 250 units, including a penthouse and 100 per cent of the commercial spaces is a phenomenal outcome not just for us, but for the whole of Woden," Geocon Managing Director Nick Georgalis said.

One-bedroom apartments start at 260,900, while two-bedroom units are available from $541,900. A Penthouse sold for $1.5 million. It is also a Geocon Group offering.

<h2>4. <a href="https://www.urban.com.au/buildings/highgate-260-264-city-walk-street-canberra-city">Highgate</a>
</h2>

260-264 City Walk Street, Canberra City ACT 2600

<figure><a class="colorbox colorbox-insert-image" href="https://www.urban.com.au/buildings/highgate-260-264-city-walk-street-canberra-city?ref=srp_listview" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="331" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/highgate_pool.jpg?itok=CLbjzjJV" width="580"></a></figure> 

Morris Property Group's Highgate development in the Canberra CBD in one of their 11 developments. The 18 level high-rise development is home to 184 apartments.

Rising 56 metres into the air, the development is home to a number of amenities including an open-air pool and fitness centre. 

The mixed-use development is completely sold out and also features a ground floor retail holding.

<h2>5. <a href="https://www.urban.com.au/new-apartments/high-society-1-edmonstone-place-belconnen">High Society</a>
</h2>

1 Edmonstone Place, Belconnen ACT 2617

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/high_society_pool.jpg" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="422" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/high_society_pool.jpg?itok=R2DaUM69" width="580"></a></figure>Another development that is home to a luxury pool is the new waterfront Republic precinct in Belconnen, High Society, Canberra’s tallest towers.

The twin towers rise above Lake Ginninderra with uninterrupted views of nature. Designed by Fender Katsalidis, the towers will comprise 541 one, two and three-bedroom residences across two 27 level towers and a 135 suite Abode Hotel.

The panoramic floor to ceiling windows let sunlight flood into all bedrooms and living spaces with higher ceilings than the average apartment development. 

Also a Geocon development, it features a 'garden wonderland' style resort pool.
</body></html>

urban.com.au

5 of the best apartment pools in Canberra

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EXPERT OBSERVER
Capital city dwelling values have been affected differently across Australia in the wake of the pandemic.
As well as anecdotes of demand in regional lifestyle areas, the ACT dwelling market has been the clear ‘winner’ of the capital cities, increasing 1.3% in value between the end of March and the end of July. This came as national dwelling values declined 1.4% in the same period.
While it may seem counterintuitive that prices are rising across the ACT amid a global pandemic, the property market is actually performing as may be expected when the cash rate is reduced.
Research from the RBA has found that for every 1 percentage point reduction to the cash rate, property values may increase 8% over the following two years.
While this traditional relationship is being tested by a global pandemic, residents across the ACT may be relatively insulated from some of the effects of the pandemic. Part of this may be because recent case numbers have been low or non-existent.
As of early August, social distancing restrictions were easing across the Territory, and the ACT had gone almost one month without reporting new active cases.
There’s a big difference between houses and units
In the ACT, there is a high level of divergence between capital growth in houses and units. House values across the ACT were at a record high in July 2020, having increased 8.5% over the year. The median house value was $721,912 at July 2020.
Unit values were 3.6% below the record high, where the value of the unit market peaked in May 2010. However, units have also followed the recent house market upswing, sitting 2.7% higher over the year. The median unit value across Canberra was $445,135.
The chart below highlights the relatively subdued growth rates across units, with the gap between house and unit growth rates widening in the few months to July. 
<img src="https://www.urban.com.au/images/2020/8/20/CL%20ACT%201.JPG" alt="">
The chart below shows the difference in 5 year annualised growth rates between houses and units by capital city. Similar to Brisbane, a high level of unit supply across the region has seen some of the most divergent performance between houses and units out of the capital city markets. This is off the back of high levels of new unit supply relative to houses. Unlike Brisbane however, unit supply across the ACT had shown no signs of moderating before the pandemic.
Completions of units across the ACT reached a record high in the year to March 2020, at 4,427. CoreLogic settlement risk data estimates that as of April, a further 360 units would be completed across the region by the end of October, with the biggest uplift as a proportion of existing stock being completed in Gungahlin.
The volume of units built in the year to March 2020 was 41.8% higher than in the previous year. It was also 73.8% higher than the decade average of completions. Meanwhile, completions of new houses fell 6.7% in the year, and remain relatively unchanged since the start of the series in 1985.
<img src="https://www.urban.com.au/images/2020/8/20/CL%20ACT%202.JPG" alt="">
The development is in line with the 2012 ACT planning strategy, which sought to create a ‘compact and efficient city’. For those who own house and land in the ACT, it has had the benefit of creating much stronger house price growth than in units.
Values are rising as rents fall
Another aspect of the housing market that appears to have two tiers of performance is between property values and rent values
. As property values continued to rise through July, rent values have declined half a percent since the onset of the pandemic. This may have to do with better conditions across higher paid jobs, where people are more likely to buy property and have a mortgage
. ABS payroll jobs data shows that between the 14th of March and the 11th of July, the volume of payroll jobs increased across financial and insurance services (0.7%) and electricity, gas, water and waste services (2.9%).
These sectors also have among the highest typical weekly earnings of Australian industry, and are therefore more synonymous with owning a home.
The ACT had a relatively large rate of decline across more vulnerable sectors, such as arts and recreation and food and accommodation services.
Job losses across these sectors were 19.2% and 19.8% respectively. However, before the onset of the pandemic, the share of the ACT workforce employed in these sectors was also very low, at just 7.9%.
In any case, those working in these sectors are far more likely to rent. The ACT property market has been in an upswing since August last year.
While the dwelling market is currently a breakaway performer, there is a chance that this market will experience a delayed downturn as the economic repercussions of Melbourne’s second lockdown become more broad-based.
Investor demand, while already low relative to Australia-wide participation, may also be impacted by lower rent values. As a result, prolonged growth in this market will be subject to how quickly Australia can supress new virus cases, and see recovery in the labour market.
ELIZA OWEN is the Head of Research Australia at CoreLogic
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Understanding the ACT, COVID-19's best performing capital city housing market: CoreLogic's Eliza Owen

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EXPERT OBSERVER
A strong economy in the ACT has helped deliver solid capital growth for houses in recent years with moderate price increases and a good medium to long-term outlook expected.
According to the latest RiskWise Property Research Risks &amp; Opportunities Report, the economic growth rate of 4 per cent eclipsed the rest of the country and provided a strong indication of its future.
This was supported by healthy levels of both private capital expenditure and government expenditure.
As projected in our previous Risks and Opportunities report, the ACT housing market delivered solid capital growth in recent years.
While this growth is more moderate since the second half of 2017, the current growth remains solid and the market is showing resilience.
This is largely driven by solid economic growth and a relatively low level of effective unemployment which sits at 3.3 per cent, compared to Australia with 5.3 per cent.
These conditions are favourable for a strong housing market and make it an attractive destination for property buyers.
He said recent developments in relation to the housing market, such as lower interest rates (with another expected in early 2020) and some loosening of credit restrictions, had encouraged moderate price increases and a good medium to long-term outlook.
The ACT also enjoys a high investor serviceability ratio which has significantly benefited investors who have found it easy to service their loans relative to the rest of the property market,
However, the case is not the same for the unit market which is suffering from an increased number of new dwellings relative to its population growth.
Combined with an overall preference for houses over units, this presents a greater risk for units.
Units delivered only 3.9 per cent capital growth in the past three years, (way below the capital growth of houses with 14.5 per cent), mainly driven by an increased number of properties in the pipeline.
So, the risk associated with units is higher than houses, particularly in high-supply areas such as Gungahlin (where there are 315 units in the pipeline at 20.6 per cent of the current stock).
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