Demand lifts in ACT's prestige market

By Gerv Tacadena | 17 Nov 2020

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.

Top Suburbs : tiwi , goulburn , upper kedron , ferntree gully , penrith


Get help with your investment property

Do you need help finding the right loan for your investment?

When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.

Just fill in a few details below and we'll then arrange for a local mortgage broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus an appointment is free.

How soon would you like a mortgage?
What is your Annual Household Income i $
Do you currently own any Investment Properties?
Do you own your own residence?
How much equity do you have in all your current properties?
First Name
Last Name
Where do you live?
What number can we reach you on?
E-mail address
We value your privacy and treat all your information seriously - you can check out our privacy policy here