By Herron Todd White
The ACT housing market has not changed much over the past six months.
The value of houses and land has likely seen little growth, owing to an overall lower demand for property arising from various external factors such as the difficulty in obtaining finance. Demand is still reasonably strong for entry level houses in the $450,000 to $600,000 range and we would consider this property type to be performing the best. Demand has remained steady for the mid-point priced houses in the $600,000 to $1 million range. The prestige market ($2 million plus) remains steady. Prestige dwellings are changing hands, but not at an extraordinary rate.
The supply of units remains high and demand remains steady. Unit and apartment values have retracted or remained steady over the past six months due to the quantity being offered to the market, especially in the outer suburban areas where demand is generally lower. Supply is highest for the one-bedroom product that is being offered at a very high rate in new complexes, while the market for two, three and four-bedroom units is more steady and secure.
The price point for most one-bedroom units is between $275,000 and $400,000 depending on location, size and quality of inclusions. Most two-bedroom units are selling for between $300,000 and $550,000, again depending on location size and quality of inclusions. Units with more than three bedrooms are often sold for above $550,000, with some units selling over the $1 million mark in well located, reputable complexes.
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