The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
UPCOMING EVENT - INDUSTRIAL AND LOGISTICS SUMMIT 16 OCTOBER, SYDNEY
INDUSTRIAL AND LOGISTICS SUMMIT - TICKETS NOW ON SALE
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
4
print
Print
ResidentialAna NarvaezSat 22 Jun 19

Australia’s Quiet Achiever: Canberra’s Residential Market Holds Up

b715c644-b424-4654-96c2-925872601722

As Sydney’s property prices continue to unravel, its closest capital city neighbour Canberra has experienced some price growth moderation, but no outright falls, according to REA Group data.

There has been no signs of spillover from Sydney’s 14.9 per cent peak-to-trough declines in Canberra, which have remained largely unchanged over the year.

REA group data, which is sourced from a mix of ABS and realestate.com.au price data, is up to date until May 2019.

REA chief economist Nerida Conisbee points out that Canberra’s resilience is interesting when compared with a city like Hobart.

“It’s surprising given that it isn’t a high-growth, rapidly changing city [like Hobart] and has therefore fared much more strongly than Melbourne or Sydney.

“It hasn’t made headline in terms of growth, but when you compare it to Sydney and Melbourne it’s looking quite positive in Canberra.”

Ai Group’s June snapshot of state economies shows the ACT’s economic indicators remain strong, with the lowest unemployment rates in the country — 3.8 per cent — and strong wages growth.

Canberra’s high median incomes may account for the higher levels of demand in Canberra, and improved access to finance despite regulatory restrictions, Conisbee says.

“We haven’t seen any big drops in house prices and we do continue to see high levels of demand for housing in Canberra based on views per listing, which tends to give a good snapshot of what’s happening.”

Ainslie in Canberra’s north remains the most in-demand suburb for people looking to buy houses, while Garren is the number one for apartments.

REA Group data showed that Pindari Crescent in the prestigious southern suburb of O’Malley sees the highest view per listing.

Canberra’s growth suburbs

SUBURBMedian Sale Price (12 months) Year-on-Year Change in Median Sale Price
Spence$620,00015%
Latham$587,50014%
Duffy$732,00013%
Chapman$907,50013%
Calwell$628,00012%
Yarralumla$1,570,00012%
Holder$671,00012%
Richardson$550,00011%
Gowrie$640,00011%
Macgregor$540,00010%


Subdued building conditions across the country have also not affected Canberra’s residential building approvals, with the value of ACT residential approvals figures suggesting a more robust pipeline of residential construction work.

Meanwhile, bullish Canberra developer Geocon continues its keen rollout of apartment buildings across the nation’s capital — gaining approval for 520 apartments in Reid.

The developer is also undertaking Canberra’s largest-ever private project the $1 billion, Goldman Sachs-funded Republic.

The latest ABS house price released this week indicated that while Canberra’s house prices had remained stable over the year, it declined 0.9 per cent in the March quarter.

ResidentialAustraliaCanberraFinanceReal EstateSector
AUTHOR
Ana Narvaez
The Urban Developer - Editorial Director
More articles by this author
ADVERTISEMENT
TOP STORIES
Salta MD Sam Tarascio
Exclusive

Why Salta Won’t Break Ground on $400m Pipeline

Leon Della Bosca
7 Min
Exclusive

Precinct Proposals Bloom as Brisbane Middle-Ring Sheds its Past

Phil Bartsch
8 Min
Exclusive

Newest Land Lease Player Plots Sector Shake-Up

Taryn Paris
5 Min
Waterloo Affordable Mirvac hero
Exclusive

Affordable Housing Rules Tighten as Proposal Deluge Continues

Clare Burnett
5 Min
Exclusive

Beyond the Aerotropolis: How Airports are Turning into Cities

Taryn Paris
6 Min
View All >
Sponsored

Bondor Metecno’s MetSeam Elevates Facade Design Style

Partner Content
Exclusive

Dark Horse: Self Storage Sector’s Biggest Players

Shravanth Reddy
SHMH Penrith hero
Residential

First Stage Filed for $1.1bn Penrith Masterplan

Clare Burnett
Four towers are planned for the site that neighbours a stadium where work has begun on a $300-million rebirth...
LATEST
Architecture

Bondor Metecno’s MetSeam Elevates Facade Design Style

Partner Content
5 Min
Exclusive

Dark Horse: Self Storage Sector’s Biggest Players

Shravanth Reddy
3 Min
SHMH Penrith hero
Residential

First Stage Filed for $1.1bn Penrith Masterplan

Clare Burnett
3 Min
Planning

State Goes Public with Plans for 10,000 Victorian Homes

Lindsay Saunders
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/canberras-house-prices-residential-market