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Market Wrap

Market Wrap

31 March 2017 Symon Badenoch

SALES

 

QUICKEST SELLING SUBURBS

Houses

  1. Giralang, 12.1 days
  2. Wright, 14.2 days
  3. Red Hill, 15.6 days
  4. Hawker, 18.9 days
  5. Charnwood, 19.6 days
  6. Lyneham, 19.7 days
  7. Scullin, 20.9 days
  8. Melba, 21.2 days
  9. Page, 21.4 days
  10. Downer, 22 days

Townhouses/Apartments

  1. Lawson, 13.8 days
  2. Weetangera, 15 days
  3. Hawker, 18.2 days
  4. Dunlop, 20.9 days
  5. Aranda, 20.9 days
  6. Ainslie, 21.6 days
  7. Conder, 23 days
  8. Cook, 24 days
  9. Florey, 24.1 days
  10. Lyneham, 26.4 days

 

MEDIAN PROPERTY PRICE

Property Type

Median

Houses

$640,000

Townhouses

$450,000

Apartments/Units

$375,000

*Median price is based on sales over the quarter. Trends are based on the moving median price change.

 

DAYS ON MARKET

District

All Houses

All Townhouse/Apartments

Belconnen

36

97.2

Greater Queanbeyan

82.6

110.4

Gungahlin

45.7

109.8

Molonglo Valley

94.3

130.1

North Canberra

36.9

100.1

South Canberra

45.8

117.2

Tuggeranong

71.6

69.2

Weston Creek

33.9

61.9

Woden Valley

35.3

96

 

TOP 5 AFFORDABLE SUBURBS

Houses

Townhouses/Apartments

  1. Queanbeyan West, 6.8
  1. Lyons, 4.0
  1. Macgregor, 6.9
  1. Farrer, 4.3
  1. Theodore, 7.0
  1. Macgregor, 4.4
  1. Calwell, 7.2
  1. Queanbeyan, 4.6
  1. Gilmore, 7.4
  1. Kambah, 4.6

* Property affordability is calculated by comparing average salary to median price, inclusive of all residential sales including ACT Governments land rent scheme.

 

DATE SOURCE:  Allhomes.com.au 

 

RENTALS

Above is a graph indicating Badenoch Real Estates weekly tenant enquiries for properties that we have available for rent.  Some points to note from this and other statistics we have at hand are:

 

  • There has been a slow increase in demand over the last 12 months with a huge spike in demand during January and February 2017.
  • January/February 2017 was twice as busy as January/February 2014.  Since 2014 the enquiries have increased approximately 20-30% each year.
  • Average days on market for December 2016 was 21 days.  For January 2017 it was 23 days.  For February 2017 it was 25 days.
  •  During the months of January and February 2017 we received double the number of tenancy applications compared to any other month over the last 12 month period.
  • The demand is now starting to slow as we head into Autumn and Winter.

 

WHY THE INCREASE IN DEMAND?

  • Put simply – It seems that both public and private sectors in Canberra are recruiting heavily.  The majority of conversations we have had with prospective tenants is that they are coming here to work due to our higher than average incomes and want to rent for a few years prior to making a decision whether to stay long term.  In seems all public service contracts run on a January/February cycle hence the spike in the last few months.

 

WILL THE DEMAND CONTINUE IN THE NEXT 12- 24 MONTHS?

  • We expect the demand in the rental market to remain consistent, however, I do expect a huge increase in the supply of available properties due to the number of new dwellings being released across Canberra.  I anticipate that this will cause the rental market to plateau in the next 12 – 24 month or slightly decline due to the extra supply.  However, overall the above is welcome news for investors as the last few years have been tougher than expected. 

 

As always, if you wish to discuss the current market or any aspect of your investment property- feel free to contact us and we would be more than happy to assist you.