Canberra sees strong demand for entry level houses: HTW residential

Canberra sees strong demand for entry level houses: HTW residential
Canberra sees strong demand for entry level houses: HTW residential

The ACT housing market has not changed much over the past six months, according to a recent Herron Todd White (HTW) residential report. 

The report suggests that the value of houses and land has likely seen little growth, owing to an overall lower demand for property arising from various external factors such as the difficulty in obtaining finance.

"Demand is still reasonably strong for entry level houses in the $450,000 to $600,000 range and we would consider this property type to be performing the best," the valuation firm said. 

A recent sale in this price range was a three bedroom house (pictured below) situated within walking distance to the CBD. 

The house at 5 Hambly Place, Queanbeyan has been sold for $475,000.

It comprises three bedrooms updated kitchen, separate dining and single lock up garage. 

Canberra sees strong demand for entry level houses: HTW residential

Demand has remained steady for the mid-point priced houses in the $600,000 to $1 million range.

The prestige market ($2 million plus) remains steady. Prestige dwellings are changing hands, but not at an extraordinary rate.

The supply of units remains high and demand remains steady.

Unit and apartment values have retracted or remained steady over the past six months due to the quantity being offered to the market, especially in the outer suburban areas where demand is generally lower.

"Supply is highest for the one-bedroom product that is being offered at a very high rate in new complexes, while the market for two, three and four-bedroom units is more steady and secure," the valuation firm said. 

The price point for most one-bedroom units is between $275,000 and $400,000 depending on location, size and quality of inclusions.

The report notes most two-bedroom units are selling for between $300,000 and $550,000, again depending on location size and quality of inclusions.

A two-bedroom apartment located at 95/5 Empire Circuit, Forrest (pictured below) has recently been sold for $530,000. 

It consists of two bedrooms with built-in robes, open plan living, kitchen and balcony. 

The apartment is within walking distance to the Manuka precinct with shopping and restaurants, Parliament House and Telopea Park.

 Canberra sees strong demand for entry level houses: HTW residential

Units with more than three bedrooms are often sold for above $550,000, with some units selling over the $1 million mark in well located, reputable complexes.

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Canberra Htw

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