Canberra housing remained on a winning streak in February, with median values ??rising at one of the fastest rates of any capital city, according to CoreLogic.
Canberra saw gains of 1.9% per month and 9.7% per year in median value at $ 706,454, making it the third most expensive housing market after Sydney and Melbourne.
With these recent price increases, will the city's growth trend continue over the next few months?
Sandra Howells, real estate appraiser at Herron Todd White, said the performance of Canberra's residential real estate market in 2020 surprised many market watchers.
"The year has definitely ended strong, as evidenced by the still high auction close-out rates. Whether or not that momentum continues in 2021 will depend on a number of factors "she said.
Vendors who decided not to sell last year might try testing the waters early in the vaccine rollout. This could potentially boost supply in the market.
"On top of that, buyers will continue to be enticed by historically low interest rates, which are expected to stay in place over the medium term," Howells said. “If the above scenario comes true, we will see a return. To the linear stability for which Canberra is known.”
While market sentiment may continue to improve over the next several months, Howells said the possibility of another outbreak occurring would derail any positive outlook in the housing market.
"While there are many steps being taken to mitigate the likelihood of this happening, it remains the most significant risk to the real estate market in 2021, as the implementation of a foreclosure would not only suffocate the market. Current momentum, but would also have negative implications for the future, both on the commercial and residential fronts, ”she said.
Top suburbs:
emerald
,
tank
,
artarmon
,
Marrickville
,
West Wodonga
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