The Smartline Report – December Edition

The month in review: Canberra

By Herron Todd White
December 2016

Overall, 2016 saw the Canberra residential sector continue on a level path, with a noticeable improvement in the housing sector occurring from the end of 2015 and throughout 2016. Established residential housing in the $700,000 to $2 million sales bracket performed well with increased demand for centrally located properties. The high supply of new unit developments notably in outer suburb locations saw some softening in this market segment. Selling prices for 1-bedroom unit off-the-plan stock have come back to around $260,000 with earlier prices around the $300,000 mark. Unit price points in the City and Kingston foreshore areas remain relatively stable with 1-bedroom accommodation ranging between $400,000 and $500,000. Location remains a critical point of difference for these unit markets.

Other points to note from 2016 include the reelection of the sitting labour government with a major policy, the light-rail project connecting Gungahlin to the City commencing, the sale of Mr Fluffy blocks in established markets and the impact of these sales on owners’ expectations and values, a selection of high level prestige sales over $3 million occurring, high demand for residential land in several greenfield developments and a selection of ACT rural leased properties selling to land bank purchasers.

The ACT residential property market saw many positive trends throughout 2016, mainly in the housing market. These trends are expected to continue in the short term.

Find out more information and to chat with a local Canberra Mortgage Brokers.

Please note that information in this publication is subject to change without notice. Smartline assumes no responsibility for any errors, omissions or mistakes in this document. © Smartline Home Loans P/L 1999 – 2016. Australian Credit Licence Number 385325

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DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.