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Market Wrap

Market Wrap

31 January 2018

SALES MARKET DATA


Our sales team had an amazing 2017. The Badenoch Team auction clearance rate for the year was over 90% (well above the Canberra average) and we had the best sales year since opening 20 years ago with Symon Badenoch being ranked in the Top 5 agents in the ACT for total sales and has been nominated for Agent of the Year 2018.  So if you need a sales appraisal on your investment property or your home please contact us as we would be more than happy to assist.

Houses
The house market was the strongest performer in 2017 with increases across all suburbs including established and brand new suburbs.  We expect the demand for 2018 to remain consistent but do not expect major prices increases that were witnessed in 2017.

Townhouses
The townhouse market improved dramatically during 2017 compared to 2016.  Buyers opted for townhouses as a more affordable option as house prices in the ACT increased dramatically.  The biggest gains in townhouse prices were those properties that catered for the downsizer market.  These townhouses typically had no stairs (single level) and easy access arrangements to local amenities.  We predict this style of townhouse will continue to see strong increases in capital growth as the population ages.

Apartments
There was both good and bad news for apartment owners during 2017.  The good news was that some suburbs witnessed an increase in sale price.  These areas were mainly Braddon and Turner due to the re-vamped Braddon Precinct.  The bad news was the increase in volume of off-plan apartments.  This will most likely see an oversupply in the coming 12- 24 months as they near completion.  Buyers should not be concerned about purchasing established apartments as long as they are built well and in a good location.  

 

AUCTION PERFORMANCE

In ACT the December clearance rate was 63%, this is a 0.90% increase YoY

 

AUCTION NUMBER

Houses – 267

Units/Apartments - 42


AUCTION CLEARANCE RATES

District  Dec 2017 Dec 2016 YoY
Belconnen 84% 76% 8% increase
Gungahlin 56% 47% 10% increase
Inner North 57% 58% 1% decrease
Inner South 56% 42% 14% increase
Queanbeyan 56% 60% 4% decrease
Tuggeranong 61% 59% 3% increase
Western Creek 42% 58% 16% decrease
Woden Valley 51% 71% 19% decrease

YoY = Year Over Year

 

DATE SOURCE:  Allhomes.com.au