ACT canberra general

Hello Salz,
Is your PPOR in Gungahlin towncentre? How many bedrooms and whats the size of the lot?

 

Nah I doubt it.

This is all anecdotal evidence - but most of the buyers I deal with in Canberra are upgrading or first home buyers. Not a lot are investors (or purchasing investments). So I doubt serviceability comes into play here. However - all the talk of banks increasing rates outside of the RBA may have caused some concern.

 

My neighbours a few doors up sold by auction for a good price recently. Met my new neighbour yesterday. He had a Mr Fluffy house.

 

PPOR house is Woden/inner south, up by 12% or so (desktop val) in 12 months.
Biggest gain I've seen in Canberra in 10 years - of course the previous PPOR in Weston Creek has just taken off a lot after being moribund for 7 years of owning. Still, what's lost on one hand has come back on the other.

Neighbour on one side was buying after a fluffy. Two doors down on the other side bought after a fluffy. Both wanted to stay in the same suburb (school, work, etc). One got a good deal, and one helped my higher than expected valuation

 

Anything in Forde, Crace, Harrison suburbs are selling really fast specially house with some features; 4Bed plus Rumpus and 2 Lounge on 450;

 

i found this moderately interesting...well mainly this bit

"McGrath Estate Agents Gungahlin and Belconnen principal Craig Chapman said he estimated more than 70 per cent of residential blocks in Lawson went to Asian buyers, mainly Chinese"

expensive blocks...overpaid imo

 

Forget about houses. I should have mentioned about vacant land 500m2 plus area are selling btw 400k - 500k in these suburb. If you have vacant land you can make 120k - 150k easily without going through hassling of building house.

 

Saw an ad about a new public hospital next to University of Canberra.. Will be offering med school training as well.. Might be good for belco areas.. What do you think?

 

CANBERRA
The Canberra median house price increased by 2.3 per cent over the quarter to reach $625,092.

House prices have now increased by 7.8 per cent over the past year, representing a rate of growth behind only Sydney and Melbourne of all the Australian capitals.

Canberra’s median unit price fell by 4.7 per cent over the September quarter to $385,825 to be below $400,000 for the first time since the December quarter 2009.

Annual unit prices in Canberra are now down by 5.7 per cent.

Canberra’s annual house price growth rate is the highest recorded by the local market since September 2010 with prices growth this year set to clearly exceed the 3.1 per cent recorded over 2014.

The strong result recorded by the Canberra housing market over the September quarter is reflective of rising buyer confidence, which has been restored after a subdued period of buyer activity.

While house prices have grown strongly in Canberra this year, unit prices continue to decline.

This suggests the high levels of new apartment construction over recent years have moved supply ahead of demand.

 

I was gazumped not once but twice on units in the Canberra area in the last two years, which was annoying at the time but I sure am happy about it now with the declines seen in units with both rents and prices.

 

Thanks Azazel. I'm seeing this on the ground too. Prices are definitely on the rise.

I think people are generally feeling more positive about job security and the economy in general.

 

Thanks for sharing @Azazel - it's exactly what I've been seeing first hand since earlier in the year. House prices are going up, up, up - units are doing nothing.

Cheers

Jamie

 

Sounds like you might have dodged a bullet there.
I've been the fortunate recipient of dumb luck

 

Interesting to see Canberra's 'Time on market' AND 'Average vendor discount' equal top with Sydney, but still silence from the 'experts':

 

I noticed the stock on market in Canberra was going gangbusters too - ie. way down on previous year. This must be having an impact on prices.

 

Surely.
I'm actually more familiar with the areas in Canbrrr, but not the market as much as BNE. Only reason I haven't put my money where my mouth is with CBR is the higher entry point than BNE.
Was talking about Weston and Narrabundah... doh!

 

Bugger - both have moved strongly. Particularly Weston/Woden.

I know I've got a stake in the market (IPs and a business) but Canberra has picked up - and only now is the media starting to talk about it.

It represents good value too - especially when you compare what you can buy here compared to Sydney/Melbourne.

 

Narrabundah is continuing the gentrification process especially on the westside of Jerrabomberra Avenue. It is upbeat and attractive. Unfortunately, not so much for the east part.

Weston shops in Cooleman Court are going well with the flow of traffic from the new nearby suburbs of Wright and Coombs. I suppose the property values get a boost from the proximity to the new constructions of the nearby suburbs.

I am with Canberra through the economic downside and the upside regardless of D&G!

 

Well realistically, I prefer the 'cheapies' so Narrabundah was out of my price range.
Do like the closer in Southern suburbs like Farrer and Fisher.
Considering that all of the 'cheapies' had already been snapped up, I probably would have gone for a mediocre Banks purchase, so happy with Brisbane for the same price