'Not so vanilla': Why the new face of Canberra is young and wealthy

Residents of our nation’s capital are typically younger (median age of 35), earn more money (median weekly income $998) and have a higher proportion of people that have never married (37.9 per cent) than the national comparisons, according to ABS data.

“Canberra is not so vanilla anymore,” says property industry commentator and consultant Catherine Carter. “In my view Canberra right now is on the cusp of something very new and exciting. It’s changing very rapidly but still retaining much of what people love about the city.”

The 2016 census figures showed the Australian Capital Territory recorded the largest population growth rate of all states and territories, tipping over 400,000 people, driven by the booming northern region Gungahlin.

Carter says new precinct developments are eagerly awaited, following the success of the Molonglo Group’s New Acton, which “set a benchmark for Canberra”.

“It was something that had never been seen in this city before,” she says. “The team behind New Acton have won just about every award that’s possible to win in this country, and they also won an award in London [International Project of the Year, 2015].”

An innovative cultural precinct with commercial and residential components, New Acton is home to the distinctive Nishi building, an art gallery, cinema, hotels, wine bars and hatted restaurant Monster Kitchen and Bar.

“It’s something really special not just in Canberra but in any major centre in the country,” says Carter. “The developers behind it regard themselves as curators and you can see that with the quirkiness and creativity behind it.”

Carter says redevelopment is now underway around the Kingston Arts Precinct and at the Yarralumla brickworks site. And the Molonglo Group is forging ahead on Dairy Road Fyshwick, a new 50-building precinct mixing industrial, residential and commercial buildings.

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Meanwhile development continues apace along the Northbourne Avenue light rail corridor, with higher-density living to cater for the city’s changing demographics. Light rail services are expected to kick off at the end of the year.

“What’s exciting is that to me it’s revitalisation and renewal [of the city],” says Carter. “There are new lifestyle opportunities that bring people close to amenities but for those who still aspire to a house in the suburbs, we have ongoing greenfield development and you can still get in your car and in 10 minutes be in the bush.”

James Carter, an agent with Luton Properties, says between government and private sector industry, the international airport, the creation of new precincts and the city’s lake and national parks, Canberra has become a true lifestyle destination.

Property spotlight: Lakeside allure in Kingston  

Architect-designed ambience: /17 Trevillian Quay, Kingston is for sale. Photo: Supplied

Designed by Colin Stewart Architects, this Kingston townhouse laps up lovely lake views from its location at Bridge Point on the Kingston Foreshore.

The elegant two-level design showcases marble and timber finishes and comes with a Miele kitchen.

The home has a $3.595 million price guide. Photo: Supplied

Each of the three bedrooms has its own en suite and walk-in wardrobe and there are two living zones, one extending to a terrace with direct access to the foreshore.

Located at 4/17 Trevillian Quay, it’s selling through Luton Properties with a guide of $3.595 million.