Domain House Price Report proves Canberra is still a solid investment
The ACT is proving to still be a solid investment choice, with the fall in property prices beginning to soften.
People have long referred to the ‘Canberra bubble’, and this is ringing true, as property values continue to fall across much of the country, while the ACT has already begun to right itself.
The Domain House Price Report for the December quarter found that the median house price in Canberra fell just 0.3 per cent over that period.
This followed the ACT’s steepest decline of 5.8 per cent the previous quarter, which was still well below Sydney’s decline of 11 per cent in the same period. These statistics indicate that the Canberra market has now begun its climb back up, which will likely continue in 2023.
Independent Property Group Inner North & City Principal Chris Uren says the new year has started off on excellent footing.
“We are seeing huge amounts of interest at our open homes,” Chris says.
“Properties are still selling for record prices, and we have buyers still interested in Canberra, because it is a great place to live.
“We are well protected here, with excellent job security, high wages and an increasing population, and what we are seeing now is a normalising market.”
Indeed, the current house prices in Canberra are still 41 per cent higher than pre-pandemic in March 2020.
With the government forging ahead with investments towards further improving the livability of the capital, especially in areas like Woden, which will see the light rail, a CIT campus and state-of the-art hospital completed over the next few years, Canberra remains a solid investment option.
It doesn’t matter what stage you’re at in your property journey, we have experts across off-plan, property management, residential sales and more who can help you Make It Happen. Get in touch today for a no-obligation chat.