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How does Canberra’s property market compare to other states?

  • How does Canberra’s property market compare to other states? background image

Canberra real estate is continuing to make positive gains, with predictions the national capital will soon follow the lead of some of the country’s more fervent property markets.

CoreLogic data shows Canberra is still one of the slower performing capital cities when it comes to property values, but after months of small consecutive monthly increases, the city has sustained a 2% increase in dwelling values in the past year.

Canberra’s annual performance has edged ahead of Melbourne, which recorded a 1.8% annual increase in home values. Darwin sustained a 3.5% rise for the year, while Sydney dwelling prices surged by 7.4%.

All other states recorded double figure growth, except Hobart, which was the only capital to register a decline in property values in the year with a nominal 0.1% slip.

Perth has been the best performing capital in the past year with home values skyrocketing by 22%, closely followed by Brisbane with an 16.3% increase and 14.4% growth in Adelaide.

The median value in Canberra is now $840,100, just shy of Brisbane’s $843,231.
Sydney remains the country’s most expensive real estate with a median of $1,156,020.

Windrose Property Principal and Licensed Agent Sam McGregor said Canberra real estate was performing in line with other markets in Australia, but with a six month lag. Traditionally, Canberra’s market follows Sydney, he said.

“WA is absolutely off like a rocket. Sydney is doing quite well and is on the uptick and I think Canberra is just at the start of that,” Sam said.

“Six months ago, when everything was flat, Canberra was in the depths of it. Now, we’re more balanced and we’re catching up with the other markets – a lot of which are now moving quickly.

“I often say that when Sydney sneezes, Canberra catches a cold,” Sam said. “Sydney has been pretty hot for a few months – and that says to me we’re probably two or three months away from a strong selling season. Come spring, it looks like the stars will align.”

Sam said while some homeowners were hesitant to list in winter, selling in a quieter market could elevate the prominence of your home and boost competition amongst buyers, potentially netting a higher sales price.

“Some people take the approach to be conservative in winter in Canberra, which may be why there are fewer listings,” he said. “I often say to my vendors that if I were to sell my own home in winter, I would rather be one of a few properties rather than one of many.

“For the right property, people will buy it at any time so it’s better to be ahead of the spring wave. It is also absolutely correct to say confidence is around, buyers are around and there are more properties on the market in spring.”

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