This week I analysed the Canberra property market, discussing a number of exciting major infrastructure projects coming to fruition in the region throughout 2022 and beyond, which make Canberra a fantastic area to consider for investment.
Canberra ticks a lot of boxes when it comes to picking an investment opportunity, we are seeing substantial investment in infrastructure in the city, with the Australian Capital Territory announcing a massive $5 billion infrastructure program as part of its 2021-22 ACT Budget, set to create thousands of jobs and support its economic recovery.
At present, 250 projects and 14 ongoing programs of work are underway in the city, representing the largest infrastructure program in the history of the Australian Capital Terrotory’s public sector that is set to support more than 15,300 construction jobs, and help reach the goal of more than 250,000 jobs in the territory’s economy by 2025
The most notable project’s, include the $877 million funding towards health and wellbeing, seeing the allocated funds contribute towards the Cancer Research Centre at Canberra Hospital, infrastructure upgrades at Calvary Public Hospital and planning and design for a future hospital in Canberra’s north.
Furthermore, funding of $1.4 billion will allow for upgrades to Canberra’s sustainable and connected transport system, upgrades to roads and paths and improvements to active travel routes across the city. The light rail line is within this funding, including the first light rail stop for stage two of light rail to Woden.
In terms of population growth, Canberra’s population is on track to almost double by 2058, according to the ACT population projections, increasing from 411,667 residents to 703,422, representing some of the strong population growth in the country.
If you would like to discuss the Canberra market in more detail, please reach out to the team to organise a time to have a conversation about how Wealthi can help you build a successful property portfolio.
Chris Hynes is Wealthi’s Global Research Analyst, Based in London