Canberra Advances on Other Markets with Price Stability and Demand for Homes and Dwellings
While the Australian real estate market continues to face a national slowdown, the country's capital is booming, with some of the most robust market conditions, with an increase in total home value of 4.1 %.
According to CoreLogic's Hedonic Hedonic Home Value Index for March 2019, the Canberra rental market was one of the smallest in the country in February 2019. The average rental rate increased by 4.7% over the past year, proof of demand.
There has also been an increase in real estate sales at different prices over the last five-year period – CoreLogic data indicate that goods priced between $ 400,000 and $ 600,000 were largest share of Canberra sales. In addition, the share of sales in millions of dollars jumped to 8.8% of all real estate during this period.
In a March 2019 research report, area economist, Trent Wiltshire, said that Canberra "was in the midst of price volatility compared to other capitals. In Canberra, middle-price properties have generally enjoyed more stable price growth than cheaper and more expensive properties, particularly for homes. "
Transition to Affordable Housing
Homes have generally been the dominant property type in ACT, but units have caught up because of their relatively affordable price.
"Houses and units are in high demand and 12 months ago houses were ahead of the units. But there has been a shift, perhaps for more affordable properties, and now the units seem to have a slight edge over homes, "says Jeremy Sheppard, Research Manager at Select Residential Property.
While high prices affected demand in some respects, a decline in supply offset that.
"Although demand fell slightly due to sluggish sales and lower auction liquidation rates, supply also declined proportionally, which helped maintain a bid ratio. / high demand, "adds Sheppard.
"There are two exceptional measures in this area. First of all, the discount is very small. Buyers are unlikely to lower the price of sellers. And secondly, vacancy rates are very tight, around 1%. "
As a result, the Canberra real estate market remains broadly stable, with strong growth opportunities on the horizon.
SUBURB TO MONITOR
YARRALUMLA: Units Fall While Houses Rise
The median price of Yarralumla homes may have exceeded one million dollars, but growth continues to grow in this luxury suburb.
The value of homes increased 1.3% in the 12 months to February 2019, after strong double-digit growth over the last five years. However, it is the opposite for the unit market, in which prices are plummeting. In fact, in February 2019 alone, they plunged 41%, bringing the median to 559,211 US dollars.
Many diplomats travel to Yarralumla for its beautiful lakeside location, lush green streets and the fact that it is only a 10-minute drive from CBD Canberra.
Location: Yarralumla enjoys a magnificent position at the edge of a lake and close to the CBD
Tenants' Call: The Suburbs are Popular with Diplomats Appreciating the Prestigious Lifestyle
Get help for your real estate investment
Do you need help in finding the right loan for your investment?
When you invest in real estate, it is important to make sure that you do not only have the lowest available rate that you can get, but you also have the features of ready adapted to your needs.
Just fill in a few details below and then we will arrange for a local Australian mortgage broker to contact you and sort out the problem What features or what types of loans are suited to your needs? We will even help with the paperwork. In addition, an appointment is free.
We value your privacy and treat all your information seriously – you can check