The month in review: Canberra
By Herron Todd White
Canberra’s top end real estate market comprises standard housing on large blocks in the inner northern and inner southern suburbs. The price point for prestige housing starts at $2.5 million. Lakefront units and townhouses located in the inner northern and southern suburbs make up the prestige unit market. Prestige units start at around $1.5 million.
More recently, the market has remained stable. At present agents are reporting strong buyer enquiry and an increase in sales activity. There is currently good stock levels on the market giving buyers more choice, however fairly priced properties generally sell in a short time of between six and eight weeks. Generally well located properties in the inner northern and inner southern suburbs have performed well with a number of recorded transactions over the $3 million mark occurring in recent months.
Noted sales include: 3 Rous Cr, Forrest, $3.4 million in November 2014 – A two-level, circa 1929, conventional style, brick, 4-bedroom, 4-bathroom dwelling, extensively extended and renovated in 2012 with high quality inclusions, ducted air conditioning, internal passenger lift, established grounds, outdoor kitchen, in ground pool, pool house with bathroom facilities, and a three car built-in garage. The living area is 404 square metres with 16 square metres of outdoor area and 135 square metres of car accommodation. It is located opposite parkland on land area of 1,359.3 square metres.
5/17 Trevillian Quay, Kingston Foreshore, $2.75 million in August 2014 – A circa 2012, two-storey, contemporary style, concrete tilt slab, 3-bedroom, 3-bathroom unit with a northerly aspect, ducted reverse cycle air conditioning, quality inclusions such as stone benchtops, balcony with very good lake and mountain views, and four car detached garage. Living are is 276 square metres with 36 square metres of courtyard space.
149 Mugga Way, Red Hill, $3.4 million in September 2014 – A two-level, detached, circa 2014, 5-bedroom, 3-bathroom, brick, contemporary style dwelling, recently completed with high quality inclusions, internal lift, intercom, ducted vacuum, underfloor heating, established landscaping with circular drive, external storage and a six car garage. The living area is approximately 502 square metres with land area of 2,044.5 square metres. The property is located at the southern end of Mugga Way, backing onto Hindmarsh Drive.
The majority of occupants are owner occupiers and the market is also bolstered by the diplomatic and embassy housing precincts. The prospects for the prestige market are for stable capital growth in the short term.