Of all the places you can live in Australia, we think Canberra is easily one of the best (sure we might be a little biased, but hear us out). This capital city is in the middle of all the action – drive in one direction and you get the mountains and all the exciting activities like skiing and snowboarding that come with it. But in the other direction you get the beach life of lounging on Australia's beautiful coast and surfing its iconic waves.
Of course, we haven't even mentioned the fact that it's the country's capital and therefore rife with career opportunities and things to do. That said, if you're thinking about moving to this neck of the woods, then we want to help you find your perfect home.
To do this, we want you to have a complete picture of the Canberra property market, and how you can appropriately take advantage of it. Let's check it out!
Prices are steadily rising, so much that Canberra has even led Sydney and Melbourne markets.
What does Canberra's property market look like right now?
Canberra is in an interesting place right now, prices are steadily rising, so much that Canberra has even led Sydney and Melbourne markets. In February, AllHomes reported that Canberra hit the highest clearance rate since 2010, reaching 74.1 per cent. There is a huge demand in blocks of land as much as there is for established housing, specifically close to the city.
Investors are seeing that for more value, they have to change focus to the development of units. This is a move that is driving more and more investors into the market therefore making competitive rental prices. But even though there is a huge demand for established housing, we see that investors are also wanting for land.
The most notable thing about this market is that it is much more consistent than its capital city counterparts like Sydney or Melbourne. Sustained growth over long periods of time makes it an ideal market to get into.
How can you take advantage of this market?
If you want to get in on this property market, don't wait – the time to act is now. For those interested in investing in a home, we'd recommend trying to secure a house with a reasonable piece of land – something that needs work over time, and sell that off after a number of years for a profit. People are paying a premium for those homes that have been renovated to a good standard, so it's worth putting in that little bit of extra effort.
That said, if you're buying for home ownership, we suggest getting in sooner rather than later because we're seeing people getting good prices right now.
It's an ever-changing market so you have to be aggressive!
What suburbs should you be focusing on? Well, according to AllHomes, Lyons, Waramanga, Cook and Banks are all steadily growing in value. Just last November, Cook had a record breaking home that sold for $1,365,000. However, there was 100 per cent clearance rates for units in Griffith across four reported listings in February. While these are some of the best performing suburbs at the current time, you should always be checking with your local real estate agent to see what way the market is going when you are shopping around. It's an ever-changing market so make sure you do your research and when you find the right property, be ready to act.
Interested in the Canberra property market? Whether you want to buy, sell or manage, we at Peter Blackshaw Real Estate want to be a part of the process. Give us a call today and let's get to work finding you the perfect property.