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Market Wrap - September 2016

Market Wrap - September 2016

31 October 2016

SALES

For the September Market update we have included data from Allhomes.com.au along with a few of our own statistics. We have had a very strong month in sales at Badenoch Real Estate with the below sales over the last month;

86 Wanderer Court Amaroo on the market at $490,000+ now sold at $517,000 with 8 offers on the property

12/45 Leahy Close Narabundah on the market at $520,000 now sold at $526,000 with 4 offers on the property

178 Kerrigan Street Dunlop on the market at $620,000+ now sold at $650,000 with 3 offers on the property

1/29 Anne Clark Avenue Nicholls on the market at $465,000+ now sold for $490,000 with 5 offers on the property

18 Lofty Close Palmerston on the market at $520,000+ now sold at $550,000 with 2 offers on the property

18 Freehill Street Evatt sold prior to going to market

58 Anna Morgan Circuit Bonner on the market at $560,000+ and now Under Offer within a week of marketing

The market is currently showing free-standing houses in established suburbs are continuing to be very popular amongst buyers due to the large block sizes. Townhouses are also becoming more and more popular with first home buyers and downsizers looking for something easy care and close to Town Centres. Apartments continue to stay steady but we are seeing an influx of first home buyers and downsizers also looking at this stock as they want something they can lock up and forget.

QUICKEST SELLING SUBURBS

Houses

  1. McKellar, 16 days
  2. Ainslie, 16.3 days
  3. Melba, 16.8 days
  4. Lyons, 17.7 days
  5. Hawker, 17.9 days
  6. Garran, 18.9 days
  7. Richardson, 19.4 days
  8. Monash, 19.7 days
  9. Latham, 20.6 days
  10. Flynn, 20.7 days

Townhouses/Apartments

  1. O’Malley, 12 days
  2. Nicholls, 14 days
  3. Chapman, 14.2 days
  4. Crace, 17 days
  5. McKellar, 20.8 days
  6. Duffy, 21.2 days
  7. Holt, 23.3 days
  8. Bonner, 24 days
  9. Forde, 24.4 days
  10. Latham, 27.2 days

When looking at the quickest selling stats Mckellar had the quickest selling houses in the Belconnen region, followed by Ainslie and Melba. O’Malley and Nicholls had the quickest selling townhouses and apartments.

MEDIAN HOUSE PRICE FOR SEPTEMBER 2016

Property Type

Median

All

$530,000

Houses

$609,000

Townhouses

$430,000

Apartments/Units

$367,500

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

 

The median sale price table shows prices have increased slightly between August and September, the most noticeable increase was in house prices. Apartment and units have showed a slight decrease.

 

DAYS ON MARKET

District

All Houses

All Townhouse/Apartments

Belconnen

38.8

83.2

Greater Queanbeyan

95.1

183.7

Gungahlin

61.5

71

Molonglo Valley

114.7

84.3

North Canberra

31.4

88

South Canberra

63.5

129.4

Tuggeranong

57.2

74.9

Weston Creek

30.3

60.1

Woden Valley

36.7

197.1

 

The days on market graph shows Mollonglo Valley had the most days on market. This may be due to the amount of stock being built in the area. Weston Creek had the least amount of days on market, followed by North Canberra, Belconnen and Woden Valley.

 

TOP 5 AFFORDABLE SUBURBS

Houses

Townhouses/Apartments

  1. Queanbeyan West, 6.5
  1. Hughes, 2.5
  1. Gordon, 6.6
  1. Hackett, 2.6
  1. Banks, 6.8
  1. Scullin, 3.0
  1. Queanbeyan East, 7.1
  1. Crestwood, 3.4
  1. Ngunnawal 7.2
  1. Queanbeyan East, 3.4

* 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

27.1

23.3

Greater Queanbeyan

32.1

27.5

Gungahlin

22.1

23.8

North Canberra

42.5

26.8

South Canberra

40.2

30

Tuggeranong

22.3

28.4

Weston Creek

39.9

28.1

Woden Valley

46

26.8

 

1098 residential properties rented

  • Annual decrease of -12.2%
  • Quarterly increase of +9.6%
  • Monthly decrease of +10.8%

ACT and Queanbeyan median rent was $430

  • Annual increase of +7.5%
  • No month-on-month change

1052 newly listed residential properties

  • Annual decrease of -14.1%
  • Quarterly decrease of -2.3%
  • Monthly decrease of -6.8%

On average a property spent 28.2 days on the market (time listed to rented)

  • Annual decrease of -24.4%
  • Monthly increase of +5.5%

Comparing the demand during the Sept-15 quarter to the Sept-16 quarter

  • Demand continues to ease annually
  • Rising prices are pushing tenants into a higher rent price bracket. A higher proportion of properties priced above $500 a week are leased.

 

DATE SOURCE:  Allhomes.com.au