Canberra market about to be hit by spring fever: HTW residential

Spring fever in the ACT residential housing market is hitting, according to the lastest Herron Todd White (HTW) residential report.

The housing market in the ACT is somewhat driven by seasons as the winters are historically harsh. When winter begins, cold temperatures cause buyers to lose inspection motivation and as a result, sellers feel less inclined to list their properties.

The transition from winter to spring always occurs quickly in the ACT, with temperatures going from cold to warm in a short period of time.

"Once spring begins and the weather becomes warmer, buyers are motivated to inspect properties and the cycle picks up. The warm weather and blossoming of plants increases the marketability of properties. Houses generally look more spectacular and inviting to buyers," noted by the valuer. 

The spring cycle is typically short and usually begins in late August and stretches to November/early December. Given the employment profile of the ACT, December and January are quiet in the property market given that many employees choose this as the best time to take time off work, which results in lower market activity.

Overall housing market activity throughout winter 2018 has been steady to strong, which is expected to continue into the spring and summer.

A recent sale was a Forde four bedroom house situated at the base of Mulligans Flat Nature Reserve.

The single level residence at 99 Blizzard Circuit was sold at $745,000 on September 5 (picture above).

Built in 2012, the house comes with four bedrooms, multiple living areas, kitchen and established gardens.

It is close to Forde local schooling and shops. 

The valuation firm suggests that units in Canberra generally follow a different pattern to the housing market. Units usually don’t have as many marketable features that have an advantage in spring over winter.

The ACT still has an underlying problem with unit supply, so it is hard to judge the market activity increase from winter to spring.

Overall market activity over winter has been on a slight decline owing to the construction of multiple new residential complexes, which is expected to continue into the spring and summer.

A Franklin two bedroom apartment has been recently sold for $401,000 (pictured above).

Situated opposite parkland, the northeast oriented apartment at 93/329 Flemington Road comes with two bedrooms, open plan living and meals area, well-designed kitchen and large secure rear courtyard.

Additional features include the reverse cycle split system, family size laundry and linen cupboard to hallway.