ACT property market bottoms out- analyst

A survey of Australian property markets has found the ACT residential market should expect to turn the corner in the coming months.

Canberra's median house price for January was $457,500, up 0.35 per cent on the previous quarter.

Residential property analyst Residex has found the Canberra market has bottomed out, with small positive growth recorded in January and February.

This offsets the losses recorded during the last couple of months of 2008.

However Residex chief executive John Edwards says it is not all good news for the ACT with the unit market still in decline.

"Well I think that the negative in the ACT market is the fact that the medium density market hasn't yet reached the bottom," he said.

"It's still got a little bit more of an adjustment now is likely to be larger than we saw last month which was half a percentage point.

"I think it's about likely to be in line with that."

... read original article
Wed 11th February 2009 - 03:16pm