Canberra became the separatist performer among all capitals during the first quarter of the year in terms of house price growth, according to Domain's latest report.
During the quarter, house prices in the city rose 9.7% to $ 927,577, the fastest growth rate since the launch of Domain Records in 1993. That was also the first time house prices crossed the $ 900,000 mark.
On an annual basis, house prices increased 19.5%, the largest annual increase in 17 years.
Homes at the upper end of the market lead, with the largest quarterly gains recorded in North Canberra, South Canberra, and the Woden Valley. All of these areas have a median greater than $ 1 million.
"Higher average wages, job security and low mortgage rates have prompted buyers to increase their size," the report says.
The report predicts that similar quarterly growth could push home prices in Canberra to $ 1 million. However, this is unlikely to hold over the following quarters.
"This level of quarterly growth normally equates to an entire year's production and is extremely rare for Canberra in a single quarter. The lack of homes for sale at a time of high demand ultimately created stiff competition. between buyers, depleting aggregate inventory to the lowest level in several years, ”the report said.
In contrast, the unit market reported a 5% drop in prices during the quarter to settle at $ 473,304. On an annual basis, unit values ??are still 2.8% higher.
"There has been a consistent trend in Canberra, with units offering more subtle growth than homes. The unit market is not uniform across the territory, with apartments in Gungahlin, South Canberra and Tuggeranong growing in quarter and year, "the report says. said.
The historically low interest rate, high household savings, low inventory volumes and government incentives are fueling strong demand across the housing market, according to the report.
Top suburbs:
Padbury
,
Will Parliamentstown
,
spearwood
,
Geelong West
,
Midland
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in real estate, it is important to ensure that you not only have the lowest available rate possible, but also have the right loan features for your needs. needs.
You only need to fill in a few details below and we will then arrange for a local mortgage broker to contact you and determine the characteristics or types of loans that suit your needs. We'll even help you with the paperwork. In addition, an appointment is free.
We value your privacy and take all your information seriously – you can check
our privacy policy here
