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Market Wrap - February
28 February 2017 comments

Market Wrap - February


The Canberra Summer was one of the hottest and driest on record!  It has also produced some strong results in both the rental and sales market.

 

SALES

The Canberra sales market has continued to improve over the Summer months with strong demand for any free standing houses in nearly all suburbs. The townhouse market has also been strong with a large amount of investors and downsizers keen to purchase in boutique complexes. The apartment market is still patchy with some great opportunities for buyers still to pick up a bargain.

 

QUICKEST SELLING SUBURBS

Houses

  1. Downer, 5.1 days
  2. Holt, 6.2 days
  3. Yarralumla, 6.3 days
  4. Crestwood, 12 days
  5. Jacka, 14.4 days
  6. Latham, 18.7 days
  7. Lyons, 25.4 days
  8. Higgins, 25.9 days
  9. Bonython, 34.1 days
  10. Scullin, 39 days

Townhouses/Apartments

  1. Ainslie, 13.3 days
  2. Cook, 24.9 days
  3. Macquarie, 33 days
  4. Kaleen, 34.1 days
  5. Calwell, 40.1 days
  6. Palmerston, 41.4 days
  7. Florey, 41.5 days
  8. Conder, 43.2 days
  9. Ngunnawal, 43.7 days
  10. Kambah, 46.6 days

 

MEDIAN PROPERTY PRICE

Property Type

Median

Houses

$635,000

Townhouses

$440,000

Apartments/Units

$372,000

*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

63

106.8

Greater Queanbeyan

110.6

191.9

Gungahlin

79.8

88.5

Molonglo Valley

189.2

63.7

North Canberra

41.4

97.7

South Canberra

65.6

142.3

Tuggeranong

65.2

94.9

Weston Creek

71.5

161.5

Woden Valley

77.4

80.8

 

TOP 5 AFFORDABLE SUBURBS

Houses

Townhouses/Apartments

  1. Crestwood, 5.9
  1. Crestwood, 2.9
  1. Queanbeyan West, 6.4
  1. Hackett, 2.9
  1. Charnwood, 6.6
  1. Hall, 3.2
  1. Calwell, 7.1
  1. Chifley, 3.9
  1. Ngunnawal, 7.2
  1. Farrer, 3.9

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

 

RENTALS

Rental demand has increased across all areas of the ACT with the December to February period being the busiest for some years. This is great news for investors, however I do expect this demand to slow considerably as we move towards the cooler months. The reason for the increase in demand in the last 3 months is SIMPLE: Low unemployment and higher wages in Canberra has attracted a wave of people to move here. We have witnessed a significant increase in the number of employees coming to work for the Defence Department and Australian Public Service. The private sector also has confidence again in the local economy and begun employing extra staff.

 

 REGIONS - AVERAGE DAYS ON MARKET

District

Houses

Townhouses & Apartments

Belconnen

25.5

24

Greater Queanbeyan

33.2

36.4

Gungahlin

24.3

20

North Canberra

26.7

30.4

South Canberra

33

34.1

Tuggeranong

30.5

25.8

Weston Creek

31.1

40.6

Woden Valley

27.6

26.2

 

1630 residential properties rented

  • Annual decrease of -0.9%
  • Quarterly increase of +22.4%
  • Monthly increase of +31.4%

ACT and Queanbeyan median rent was $450

  • Annual increase of +7.1%
  • Monthly increase of +2.3%

1461 newly listed residential properties

  • Annual increase of +3.3%
  • Quarterly increase of +25.4%
  • Monthly increase of +26.3%

On average time spent on the market 28.7 days

  • Annual decrease of -20.8%
  • Monthly increase of +23.3%

 

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.

 

DATE SOURCE:  Allhomes.com.au 

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