Canberra September 2018

The month in review: Canberra

By Herron Todd White
September 2018

Houses

Spring fever in the ACT residential housing market is very much fact.

The housing market in the ACT is somewhat driven by seasons as the winters are historically harsh. When winter begins, cold temperatures cause buyers to lose inspection motivation and as a result, sellers feel less inclined to list their properties.

The transition from winter to spring always occurs quickly in the ACT, with temperatures going from cold to warm in a short period of time.

Once spring begins and the weather becomes warmer, buyers are motivated to inspect properties and the cycle picks up. The warm weather and blossoming of plants increases the marketability of properties. Houses generally look more spectacular and inviting to buyers.

The spring cycle is typically short and usually begins in late August and stretches to November/early December. Given the employment profile of the ACT, December and January are quiet in the property market given that many employees choose this as the best time to take time off work, which results in lower market activity.

Overall housing market activity throughout winter 2018 has been steady to strong, which is expected to continue into the spring and summer.

Units

Units in Canberra generally follow a different pattern to the housing market. Units usually don’t have as many marketable features that have an advantage in spring over winter.

The ACT still has an underlying problem with unit supply, so it is hard to judge the market activity increase from winter to spring.

Overall market activity over winter has been on a slight decline owing to the construction of multiple new residential complexes, which is expected to continue into the spring and summer.

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.