Canberra's premium residential market has seen strong demand over the past two years, with the northern and southern premium markets being the two most notable areas.
Sandra Howells, local real estate appraiser at Herron Todd White, said the strong interest in these high profile markets came after a long period of stable prices.
"Supported by low interest rates, stable and strong local economics, high average disposable incomes and limited supply, the prices of prestigious homes have experienced strong growth," he said. she declared.
Forrest, Yarralumla, Old Deakin and Red Hill are the most popular suburbs in terms of prestige market demand.
Self-contained dwellings in the interior northern and southern suburbs typically cost around $ 4 million, while units and townhouses sell for around $ 3 million. Earlier this year, Canberra recorded its highest ever sale transaction with the $ 8 million sale of the 25 Mugga Way property, which has an area of ??7,962 square meters.
Howell said the continued development of the Kingston Foreshore and Lonsdale Street Enclosure in Braddon has been a major driver of demand for higher quality mid-density properties. Proximity to the central business district and the view of the water are the two features that most buyers consider before making a purchase.
"The mid-density premium market has seen several high-quality developments come to an end in 2020," sha said.
Sapphire in Kingston & # 39; s Foreshore and Estate on State Circle in Forrest are two notable developments in the mid-density market. Sales at these two developments typically range between $ 10,000 and $ 15,000 per square meter.
The prestigious rural residential area of ??Canberra has also received its fair share of housing demand. Wallaroo, Springrange and Sutton are some of the areas that have worked well. Blocks range from around five to 100 acres and prices range from $ 2-5 million.
"Participants and buyers in the market segments listed typically include medical professionals and specialists, senior IT and government consultants, and real estate developers," Howell said.
Top suburbs:
Dulwich Hill
,
West Wodonga
,
Midland
,
coolbellup
,
melton
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