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EOFY Market Wrap
30 June 2017 comments Symon Badenoch

EOFY Market Wrap


The below figures are supplied by allhomes.com.au for the month May 2017.

 

Sales Market

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

Belconnen                          80%

Inner South                        76%

Woden Valley                    70%

Gungahlin                           69%

Inner North                        65%

Tuggeranong                     60%

Weston Creek                   48%

Greater Queanbeyan     42%

*27% of homes were SOLD at auction

 

Rental Market

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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Every precaution has been taken to establish accuracy of the above information but does not constitute any representation by the vendor or agent.
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