Gungahlin’s suburbs are the fastest growing in Canberra and the most popular choice for families looking to buy homes, according to the latest figures on population growth and property sales in the ACT.
Canberra’s population is expected to keep moving north as more families abandon traditional suburban regions such as Tuggeranong in favour of Gungahlin’s new developments, affordable house prices and convenient amenities.
The Australian Bureau of Statistics (ABS) predicted that the ACT’s population will increase by 50,350 persons in the 12 years from 2007 to 2019 – with 20,500 persons or 40.7 per cent of this increase claimed by Gungahlin alone.
Gungahlin’s own population is expected to increase by 58.6 per cent to a total of 55,450 residents by 2019. Young families are increasingly choosing the rapidly developing suburbs of Gungahlin over older, established regions in the south such as Tuggeranong, which is forecast to decrease by 0.1 per cent annually over the same period – the only ACT area set for decline.
Families head north
Residential property sales bear out these predictions, with real estate agency Allhomes reporting that 488 more family homes (25 per cent) and 276 more townhouses, apartments and other units (33 per cent) were sold in the north of Canberra compared to the south over the past year. In total, Gungahlin and northern districts saw 2,457 family home purchases and 1,104 unit sales in the 12 months to the end of March 2016.
Gungahlin also leads the rankings of Canberra’s most popular areas for family homes, with four of its suburbs – Ngunnawal, Casey, Bonner and Nicholls – being named among the top 10 in the city. Developers have taken notice of Gungahlin’s property boom, leading to an influx of new houses and apartments to keep up with buyer demand.
Why is Gungahlin so attractive for home buyers?
There is no single reason behind Gungahlin’s success. For many new and existing residents, the choice of Gungahlin suburbs for their family home is due to a combination of:
· Affordability – Gungahlin offers lower prices for family homes compared to the inner city and other established districts, particularly for buyers taking advantage of the First Home Owner Grant (FHOG) scheme. With an average house price of $438,000, Ngunnawal was the fourth most affordable suburb in Canberra in 2015.
· Smaller blocks – Gungahlin has the smallest block size of all Canberra districts, at 512 square metres on average compared to 906 sq m in South Canberra, which means lower maintenance costs for residents.
· Amenities – Ongoing investment in public services and amenities means that Gungahlin’s suburbs offer access to everything families need, from schools and sports grounds to road upgrades and the proposed light rail project that will make commuting to the city even easier.
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