There will be a story of two market segments in Canberra this year, with unit prices reaching a lull and housing values ??straddling strong demand, according to the latest forecasts from Herron Todd White.
Demand for homes is expected to remain stable given expected population growth, said Angus Howell, a real estate appraiser at Herron Todd White.
"There is an expected increase in population, and these people will all need a place to protect them from the elements of Canberra, from freezing winter conditions to scorching summer heat," he said. stated in the report.
The city's series of infrastructure investments, including the development of the Northbourne Avenue corridor, the expansion of the Canberra Hospital and the new Canberra Theater, are attracting more people to the city. In addition, the introduction of the first stage of the light rail system and the plans in place for the next stages also make the city attractive to potential home buyers.
"We are still expecting housing in established suburbs to be in demand, with properties selling well, especially in the popular interior and south and north," Howell said.
Read also: The city that blooms when others explode
Ainslie and Yarralumla are the two suburbs with the highest median prices at over $ 1 million. On the other hand, the cheapest houses are located in Belconnen, Charnwood, Banks and Phillip, where prices could drop as low as $ 375,000.
Howell said changes to the home buyers' concession scheme that the ACT government implemented last year have boosted demand for homes in the lower end of the market. The program helps first-time homebuyers by removing stamp duty.
"Unfortunately, this has generally resulted in savings absorbed by the higher selling price due to an increased number of people looking for property in this price range," said Howell.
While forecasts for the housing market point to steady growth this year, expectations for the housing market are not as bright.
Howell said unit markets in areas like Gungahlin have seen their values ??fall due to the surge in supply and declining demand.
Demand for units could also be affected by recent news regarding poorly designed and constructed units in Sydney and Melbourne. Howell said concerns about the quality of the buildings could cause many potential buyers to turn away from off-plan buying and turn to older, more established blocks.
"However, this is not all bad news for unit owners because rental income is high and vacancy rates are low, and there is no reason. to believe that this will change in the coming year, "he said.
Top suburbs:
Glendenning
,
Midland
,
trott park
,
Wentworthville
,
Windale
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