Canberra's prestige residential market has been experiencing robust demand over the past two years, with the inner north and south prestige markets being the two standout regions.
Sandra Howells, local property valuer at Herron Todd White, said the strong interest in these prestige markets came after a lengthy period of stable prices.
"Underpinned by low interest rates, stable and strong local economic factors, high average disposable incomes and limited supply, prestige house prices have seen strong growth," she said.
Forrest, Yarralumla, Old Deakin, and Red Hill are the most popular suburbs in terms of prestige market demand.
Stand-alone dwellings in the inner northern and inner southern suburbs typically cost around $4m while units and townhouses get sold for around $3m. Early this year, Canberra clocked its highest sales transaction on record with the $8m sale of the 25 Mugga Way property, which has a land area of 7,962 square metres.
Howell said the continued development of the Kingston Foreshore and the Lonsdale Street precincts in Braddon has been a strong driver of demand for higher-quality medium density property. The proximity to the central business district and water views are the two features most buyers consider before going with a purchase.
"The prestige medium density market has seen several high-quality developments reaching completion in 2020," sha said.
Sapphire in the Kingston Foreshore and Estate on State Circle in Forrest are two notable developments in the medium density market. Sales in these two developments typically range $10,000 to $15,000 per square metre.
Canberra's prestige rural residential has also been receiving its fair share of housing demand. Wallaroo, Springrange, and Sutton are some of the areas that have been performing well. Blocks range from around five to 100 hectares and price points range from $2m to $5m.
"Participants and purchasers in the market segments listed generally include medical professionals and specialists, IT and high-level government consultants and property developers," Howell said.
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