By Herron Todd White
The prestige property market in the ACT and surrounds includes high quality, stand-alone dwellings in the inner northern and inner southern suburbs, generally $4 million-plus, units and townhouses in the same areas generally $3 million-plus and high quality lifestyle dwellings on larger blocks in relatively close proximity to the Canberra CBD.
After a lengthy period of stable prices, the inner north and south prestige residential market has experienced strong demand over the past 12 to 24 months. Underpinned by low interest rates, stable and strong local economic factors, high average disposable incomes and limited supply, prestige house prices have seen strong growth. Stand out suburbs include Forrest, Yarralumla, Old Deakin and Red Hill.
The continued development of the Kingston Foreshore and the Lonsdale Street precincts in Braddon have been a strong driver of demand for higher quality medium density property. Proximity to the CBD and Lake Burley Griffin frontage or water views are features.
Dwelling sales of note include 25 Mugga Way selling for $8 million early in the year as a new Canberra record. The property comprises a circa 1980, two level, four-bedroom, four-bathroom, partly renovated, detached, conventional dwelling on a concrete slab foundation with rendered brick walls and tile roof, one car attached carport and a three car built-in garage. The property has a living area of 509 square metres, outdoor area of 187 square metres, car space of 168 square metres and separate other areas of 21, 37 and 37 square metres. Ancillary improvements include a bitumen driveway, full boundary fencing, exposed aggregate paths, gravel paths, paved paths, extensive landscaping, established trees, a heated, salt water below ground pool with concrete surrounds, a full sized synthetic grass tennis court with flood lights and fenced surrounds, a one-bedroom, onebathroom studio of 100 square metres, gazebo, pergola and quality paving. Land area is 7,962 square metres. We note the sale took an extended marketing period.
Other prestige transactions that occurred in late 2019 and early 2020 include 30 Mugga Way, Red Hill for $5.85 million, a property now being totally refurbished, and 4 Nares Crescent, Forrest for $6.23 million, a contemporary, high quality dwelling.
The prestige medium density market has seen several high-quality developments reaching completion in 2020. Notable developments include Sapphire in the Kingston Foreshore and Estate on State Circle in Forrest. Each provides high quality unit accommodation and high quality inclusions. Units in Sapphire all have extensive northerly views over Lake Burley Griffin and Estate is in close proximity to the Parliamentary Triangle and the trendy Manuka shopping and café centre. Sales analyse to show a relatively high rate per square metre of $10,000 to $15,000.
Another section of the local prestige market includes prestige rural residential. Areas of note include Wallaroo, Springrange and Sutton to Canberra’s north and west. Blocks range from around five to 100 hectares and price points range from $2 million to $5 million.
Participants and purchasers in the market segments listed generally include medical professionals and specialists, IT and high level government consultants and property developers.
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