Canberra sees strong supply within medium density market: HTW residential
A recent Herron Todd White (HTW) residential report has noted most Canberra suburbs have maintained median price points for standard dwellings while medium density and unit stock have seen some small declines.
Active sections of the market include standard housing at the entry level price points in some of Canberra’s fringe and outer suburban locations.
"Generally purchases are looking for large blocks within established suburbs that provide access to good education and employment services," the valuation firm said.
Entry level price points for this style of housing range between $550,000 and $650,000.
"Most homes within this section of the market provide three- and four-bedroom accommodation, generally 30 to 60 years old and, in many cases, the dwellings are ready for some renovation and upgrading," the valuation firm added.
A recent sale was a three bedroom house in Fraser which presents opportunity to update or to extend.
Set on more than 1,100sqm, the house at 19 Carrodus Street (pictured below) comprises three bedrooms, open plan living and modern bathroom.
It's just a short distance to Fraser Primary.
Inner suburban locations in Canberra’s north and south set a higher price point, generally $1 million-plus.
The report notes this section of the market is also relatively stable with families looking to move on the property ladder with their second or third acquisition.
Again block size, location and proximity to schools and other services are the main drivers.
This section of the market ranges from $1 million up to around $3 million.
"Market activity for property in the $3 million plus price point is slower, with buyers generally more discerning.
"Location, block size, build quality and level of inclusions are major factors influencing this section of the market," the valuation firm said.
A one level five bedroom residence in Griffith has recently been sold for $3.3 million.
Designed by Paul Tilse and built by Classic Constructions, the home at 12 Bremer Street (pictured below) offers 366sqm of living space with 99sqm garage.
It features five bedrooms, living and dining room with high ceilings, cinema, gourmet kitchen, rumpus room and alfresco entertaining area.
Price points in the medium density unit market range from $200,000 to $275,00 for a one- bedroom unit recently constructed in a fringe Town Centre location, to $400,000 to $500,000 for a centrally located unit in Canberra’s inner north or inner south.
"Both investors and owner- occupiers are active, however strong supply within the medium density market has had an impact on activity.
"Being in close proximity to or directly in Town Centres including Tuggeranong, Woden, Canberra City, Belconnen or Gungahlin is important for rental return, low vacancy and potential future growth."