Property Investors Move on Canberra as Labor look likely winners of the Federal Election

Canberra 2600 Canberra is the most heated of Australia's property markets according to new data released today, as the Labor Opposition firms as the winner of the Federal Election.
Australian Property Monitors (APM) says the annual growth figures for houses is 17.7 per cent to an average of just over $485,000.
Over the same period, units have risen by 9.7 per cent to nearly $340,000.
APM's general manager Michael McNamara says the rental market has also been affected.
"Canberra is the most heated of Australia's property markets because there is a blend of extraordinary growth figures for houses and units," he said.
"But also, the rental market in Canberra is quite heated as well.
"Almost all aspects of the Canberra property market are experiencing very strong growth of figures at the moment."
Mr McNamara says the looming interest rate rise will hit lower income mortgage holders hard.
"Whilst on one side of our society an extra interest rate will largely be taken in one's stride, on the other side of town a 10th interest rate rise since 2002 will send a wave of further repossessions, bankruptcies and forced sales into especially our less affluent areas," he said. Source: ABC