Canberra September 2017

The month in review: Canberra

By Herron Todd White
September 2017

Lately there has been a lot of activity in the Canberra market with several different demographics keen to make the most of the current market conditions. First home buyers, downsizers and families looking to upgrade have all been active in the property market as well as those who are new to Canberra.

First home buyers have affordable detached housing options in the outer suburbs of Belconnen and Tuggeranong, while Gungahlin provides newer detached housing at more of a premium. Alternatively, there are affordable unit options available throughout the Canberra region with new developments being completed in the city and town centres. There is also a large supply of older units close to the city and in the suburbs that would be suitably priced for first home buyers. The strong detached housing market has forced most first home buyers to look to apartments to climb onto the property ladder.

Recently, there has been strong demand from downsizers looking to move out of the family home into something smaller. The demand has been so strong that some developers are targeting this market specifically for their new projects. This move has been prompted by several things, and downsizers are taking advantage of the strong housing market, selling homes often in established suburbs for record high prices, and a proposal announced in this year’s budget, allows downsizers to allocate some of the profit made selling the family home into their Superannuation.

New Canberra residents have been active mainly in the Gungahlin market where they can buy new homes in a newly established suburb. Demand has been very strong from these buyers with land selling at a similar rate per square meter to land in established inner suburbs. This demographic has also been active in the new apartment market especially dwellings in close proximity to universities and town centres.