Australian Capital Territory
The Australian Capital Territory (ACT) houses Canberra, Australia’s capital, built between Sydney and Melbourne in the early 20th century to settle the argument between those cities as to which should be Australia’s capital. The federal district’s forest, farmland and nature reserves earn Canberra its nickname, the “Bush Capital.” The city's focal point is Lake Burley Griffin, filled with sailboats and kayaks. On opposite shores are the grand Australian War Memorial and the massive, strikingly modern Parliament House. Being the home of Federal government, Canberra is very much a “public servant” majority town who work across the many government agencies there. At an elevation of 570 metres and being the entry to the Snowy Mountains higher ranges, Canberra experiences cold winters and occasional snow but can also have very hot and dry summers. For that reason, Spring and Autumn are regarded as the very best times to visit, with a Floriade (flower) festival held in early Spring each year.
Area: 2,358 km²
Population: 431,215 (Sept 2020)
According to a September 2021 report, the ACT’s median house price cracked seven digits at a record-high $1,015,833. That’s a massive 29.2 per cent growth in the space of a single year – the highest growth of any capital in the nation. Interest remains high with both Sydney and Melbourne buyers looking to escape the confines of close living that have contributed to COVID lockdowns in those cities and states. Being much smaller than other capitals, Canberra has fewer options for new developments and with a very stable working population of government workers, provides little opportunity for high house turnover. These factors will ensure continuing growth in the ACT property market.
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