By Herron Todd White
Overall the Canberra property market has been in a stable position from the end of 2018 to early 2019. Most Canberra suburbs have maintained median price points for standard dwellings while medium density and unit stock has seen some small declines.
Active sections of the market include standard housing at the entry-level price points in some of Canberra’s fringe and outer suburban locations. Generally, purchasers are looking for large blocks within established suburbs that provide access to good education and employment services. Entry-level price points for this style of housing range between $550,000 and $650,000. Most homes within this section of the market provide three and four bedroom accommodation, generally 30 to 60 years old and in many cases, the dwellings are ready for some renovation and upgrading.
Inner suburban locations in Canberra’s north and south set a higher price point, generally $1 million plus. This section of the market is also relatively stable with families looking to move on the property ladder with their second or third acquisition. Again block size, location and proximity to schools and other services are the main drivers. This section of the market ranges from $1 million to around $3 million. Market activity for property in the $3 million plus price point is slower, with buyers generally more discerning. Location, block size, build quality and level of inclusions are major factors influencing this section of the market.
Price points in the medium density unit market range from $200,000 to $275,00 for a one bedroom unit recently constructed in a fringe Town Centre location to $400,000 to $500,000 for a centrally located unit in Canberra’s inner north or inner south. Both investors and owner-occupiers are active, however strong supply within the medium density market has had an impact on activity.
Being in close proximity to or directly in Town Centres including Tuggeranong, Woden, Canberra City, Belconnen or Gungahlin is important for rental return, low vacancy and potential future growth.
Speak with a Canberra Mortgage Broker today.