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Market Wrap - January

Market Wrap - January

31 January 2017

Welcome to 2017!  We hope you all had a fantastic break and we are excited to see what the property market has in stall for 2017.   Below are the statistics for the Canberra property market for December 2016 and the year ended strongly.  I expect the sales market to remain consistent during the next 12 months and expect the rental market to improve.  During the last 30 days the rental market has been the strongest for the last 3 years.  Our leasing team has received:

  • Over 5500 enquiries
  • Over 800 applications
  • Over 2000 prospective tenants inspecting properties

The Government Departments seem to be recruiting again and all looks good for the next 6-12 months.

As always, if you wish to discuss the current market conditions feel free to give one of our team members a call.

 

SALES

 

QUICKEST SELLING SUBURBS

Houses

  1. Lyneham, 5.6 days
  2. Hawker, 16 days
  3. Flynn, 18 days
  4. Garran, 18.3 days
  5. Florey, 19 days
  6. Barton, 19.8 days
  7. Waramanga, 20.2 days
  8. Evatt, 20.6 days
  9. Giralang, 20.9 days
  10. Page, 21.6 days 

Townhouses/Apartments

  1. Karabar, 14.8 days
  2. Weston, 16.5 days
  3. O’Malley, 21.9 days
  4. Torrens, 23.2 days
  5. Palmerston, 23.8 days
  6. Weetangera, 24.5 days
  7. Isaacs, 25.9 days
  8. Florey, 27.1 days
  9. Mawson, 28.2 days
  10. Calwell, 28.2 days

 

MEDIAN PROPERTY PRICE

Property Type

Median

Houses

$638,000

Townhouses

$435,000

Apartments/Units

$381,000

*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

32.6

77.4

Greater Queanbeyan

69.5

152.6

Gungahlin

44.3

110.4

Molonglo Valley

107

48.7

North Canberra

35.4

97.4

South Canberra

37.4

83

Tuggeranong

42.4

114.1

Weston Creek

44

87.9

Woden Valley

43.2

87

 

TOP 5 AFFORDABLE SUBURBS

Houses

Townhouses/Apartments

  1. Crestwood, 5.7
  1. Crestwood, 2.8
  1. Queanbeyan West, 6.8
  1. Curtin, 3.2
  1. Calwell, 7.1
  1. Downer, 3.3
  1. Banks, 7.1
  1. Hackett, 3.8
  1. Ngunnawal, 7.1
  1. Chifley, 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

 

 REGIONS - AVERAGE DAYS ON MARKET

District

Houses

Townhouses & Apartments

Belconnen

18.7

23.2

Greater Queanbeyan

35.3

25.4

Gungahlin

22.4

16.8

North Canberra

19.7

23.8

South Canberra

31

26.2

Tuggeranong

20.1

21.9

Weston Creek

16.3

20.3

Woden Valley

23.8

25.4

 

1241 residential properties rented

  • Annual decrease of -7.7%
  • Quarterly increase of +1%
  • Monthly decrease of -1.7%

ACT and Queanbeyan median rent was $440

  • Annual increase of +4.8%
  • Monthly increase of +2.3%

1157 newly listed residential properties

  • Annual decrease of -4.9%
  • Quarterly increase of +14.2%
  • Monthly decrease of -23%

On average time spent on the market 23.3 days

  • Annual decrease of -27.3%
  • Monthly decrease of -2.6%

 

DATE SOURCE:  Allhomes.com.au