Canberra housing market remains steady: 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 notes 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. 

An example was a Banks three bedroom townhouse which has recently been sold for $520,000 (pictured below). 

Situated at the end of the complex, the townhouse at 6/30 Betty Maloney Crescent comes with three bedrooms, open plan living, separate lounge and covered entertainment area.

The yard has a garden shed and an area outside the laundry that is ideal for the caravan or boat with easy access through a double gate.

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 report notes that 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," the valuation firm said. 

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

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

A new two bedroom apartment in Franklin has recently been sold for $381,000 (pictured below). 

With easy access to the City Centre, the apartment at 4/329 Flemington Road comes with open plan living area, two bedrooms, north facing balcony and modern kitchen. 

It is with walking distance to Gungahlin Town Centre and the light rail. 

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.