There appears to be an increased appetite among buyers for land in the Australian Capital Territory (ACT), according to a report by Herron Todd White.
Sandra Howells, real estate appraiser at HTW, said the limited supply of land and the growing number of buyers are driving land prices up. Buyers planning to purchase a vacant block in a new ACT subdivision should expect to pay between $ 300,000 and $ 500,000, depending on the location.
"That being said, there appears to be a large amount of supply in the pipeline as the new Taylor, Strathnairn and Whitlam sections are nearing completion over the next six to 12 months, possibly stabilizing supply and demand, "she said. .
Howell stated that since ACT launched its Mr Fluffy Buyback program in 2014, there have been many opportunities to purchase vacant land in established suburbs. The prices of vacant land in these suburbs range from $ 580,000 to $ 900,000. However, there are places, especially prestigious ones, where land prices can exceed $ 1 million.
"A large number of blocks allowed for double-bunking development, resulting in a market made up of builders, developers, owner-occupiers and investors. This will be one of the last opportunities for this to happen. 39; buy a vacant block in an established suburb as Standard sales of vacant land in established areas are scarce, "Howell said.
The ACT real estate market, Howell believes, appears to have been "almost completely unaffected by COVID-19" and goes against doomsday predictions.
In a previous report, Howell said Canberra has strong market fundamentals, including low unemployment, above-average annual incomes, and a strong employment base in government and the public sector. .
"Many agents say the housing market is typically similar to 2016 when demand was high and supply was low. The short to medium term outlook is optimistic and the long term is also bright," she declared.
Top suburbs:
campsie
,
north epping
,
Gladesville
,
werribee
,
Bligh park
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