Why have property prices in Tuggeranong gone up?

Transcript

00:00Canberra, more than any other Australian capital, is known for its high but relatively steady house

00:05prices. But did you know that there's some regions where value over the last financial year really

00:11increased? Tuggeranong is the most notable. It went up by 2.8% and houses there now cost a median of

00:18$900,000. That is a lot of money for a historically cheap spot in Canberra. The only place to

00:25increase more than Tuggeranong was Molongolo by 3.7%, but that's largely buoyed by the new suburb of

00:30Whitlam. So why is Tugger's going up in price so much? Well, a lot of agents are describing it as

00:38the new Belconnen. And no, they haven't worked out how to bridge the North and South divide.

00:43What they mean is about 15-20 years ago, Belconnen had a lot of cheap and large land blocks. First

00:50home buyers jumped on that as a way to get their foot in the door, which meant that there was less

00:55supply and prices rapidly went up. That's what we're seeing happen in Tuggeranong now. Agents said that

01:01a lot of the people buying property there are young tradies who have been working full time since they

01:05were perhaps 16 or 17, had a bit of time to save and are keen to get on the property ladder. Now,

01:11prices in the region are expected to continue rising over the next financial year. And so it's well worth

01:16looking at statistics before you think that you might want to buy in Canberra's far south.