Belconnen Canberra's best performing winter suburb

Belconnen Canberra's best performing winter suburb
Belconnen Canberra's best performing winter suburb

The Canberra home auction market has produced another robust winter result with the clear prospects of another strong spring selling season ahead, according to Domain.

Canberra recorded an auction clearance rate of 69.2 per cent over the three months ending August – the highest winter clearance rate recorded since 2009 and the fourth-highest on record.

The strong result was reported despite a record number of auctions with 694 homes listed over winter.

This was 75 more homes, or 12 per cent higher, than the previous record set over winter last year.

Canberra also reported a record-high winter median auction price of $687,500 which was 4.2 per cent higher than the median recorded over winter 2016.

Belconnen reported the highest winter clearance rate of all the Canberra regions with a strong 80.7 percent result, followed well behind by the Woden Valley with 69.6 per cent, Canberra central, 67.6 per cent, Tuggeranong, 66.3 per cent, Gungahlin, 65.2 per cent and Weston Creek with 50.0 per cent.

Region

Median price

Auctions

Clearance rate

Belconnen

$590,000

192

80%

Canberra Central

$968,000

143

67%

Gungahlin

$745,000

123

65%

Tuggeranong

$588,500

106

66%

Weston Creek

$683,500

59

50%

Woden Valley

$773,000

71

69%

Belconnen also reported the highest number of winter auctions with 192 followed by Canberra central 143, Gungahlin, 123, Tuggeranong, 106, Woden Valley, 71 and Weston Creek with 59 auctions.

Canberra central recorded the highest median auction price over winter at $968,000, followed by Woden Valley, $773,000, Gungahlin, $745,000, Weston Creek, $683,500, Belconnen, $590,000 and Tuggeranong close behind with a median of $588,500.

Canberra is set to maintain its winter momentum though spring and continue as one of the nation’s strongest capital city housing markets.

Belconnen has the highest proportioned of rented properties in 2016 in metropolitan Canberra, according to a recent CoreLogic report.

The property data firm says that 62% of properties in the area were rented.

Below is the residential vacancy rates for Belconnen according to SQM Research.

Click to enlarge

Belconnen Canberra's best performing winter suburb

However this is slightly lower than the 63% in 2006, but higher than the 55% in 2011.

Below is the implied property gross rental yield for Belconnen according to SQM Research.

Click to enlarge

Belconnen Canberra's best performing winter suburb

A two bedroom apartment at 32/1 Playfair Place, Belconnen (above) is available for $340 per week.

Another two bedroom apartment at 37/20 Beissel Street, Belconnen (below) is available for $460 per week.

Belconnen Canberra's best performing winter suburb

Tags: 
Residential Performance Belconnen

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