|30 June 2017||comments||Symon Badenoch|
The below figures are supplied by allhomes.com.au for the month May 2017.
The housing market continues to strengthen in all areas of Canberra even with the volume of properties for sale increasing. This is due to home owners taking advantage of the record prices on offer. The apartment market continues to decline however, savvy buyers are now looking at apartments as great value with the volume of apartment sales significantly higher than this time last year.
Auction clearance rates have improved dramatically compared to last year in most regions with our sales team well above all the Canberra averages!
I anticipate the housing market will begin to cool down once we head into 2018 as all markets are cyclic but I do not expect a down turn – just a minor correction. Time will tell if I am right!
Houses Listed for sale for the month of May was 466 - up 6.1% YoY
Houses Sold for the month of May were 476 - up 2.2% YoY
May Median Prices
Median House Price $668,775 up 7% YoY
Median Townhouse Price $457 up 3.7% YoY
Median Unit Price $385,000 down 3.9% YoY
Note: Median price has been calculated from sales over the previous quarter.
Region House Price YoY Unit/Townhouse Price YoY
Belconnen $590,000 +6.4% $395,000 +1.2%
Inner North $922,000 +5.3% $452,000 -2.8%
Greater Queanbeyan $590,000 +3.6% $350,000 +2.3%
Inner South $1,375,000 +12.4% $515,000 +0.8%
Weston Creek $687,000 +10.2% $516,500 +9.2%
Gungahlin $680,000 +6.7% $410,000 +4.1%
Tuggeranong $580,000 +7.3% $408,000 +1.1%
Woden Valley $837,500 +8.2% $450,000 -0.8%
Auction Clearance Rates
Inner South 76%
Woden Valley 70%
Inner North 65%
Weston Creek 48%
Greater Queanbeyan 42%
*27% of homes were SOLD at auction
Demand for rental properties has reduced significantly over the last 2 months with investors still getting confused by the huge increase in demand that was witnessed in December- March. When an investment property becomes vacant, investors need to set the appropriate rental amount for that specific period or month to minimise vacancy and I anticipate this winter to be slow.
Below are the median rental amounts per district.
Weekly Rent by District
Region DoM House Price Unit Townhouse Price
Belconnen 22 $475 $390
Inner North 29 $560 $450
Greater Queanbeyan 27 $537.5 $300
Inner South 28 $700 $480
Weston Creek 19 $500 $360
Gungahlin 20 $550 $400
Tuggeranong 23 $490 $410
Woden Valley 26 $550 $380
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