The Gungahlin region is proving to be Canberra’s property hotspot with data consistently showing it has the city’s highest growth in house prices.
In the first three months of this year, Gungahlin was Canberra’s top performer with the median house price increasing 7.7 per cent to $670,500 according to Domain Group data.
Gungahlin also recorded the strongest house price growth over the past year with an increase of 15.6 per cent.
Capping this off, the three Gungahlin suburbs of Harrison, Crace and Bonner have recorded Canberra’s highest growth in house prices over the past five years.
According to data recently released by Domain Group, Harrison’s house prices have more than doubled – growing a massive 104.6 per cent to $628,000 in the five years to December 2016.
During that period, the Crace median house price grew by 66.7 per cent to $690,000 and Bonner’s median house price grew by 62.5 per cent to $585,000.
Overall ACT house prices increased by 19.6 per cent over the same period with the growth aided by falling interest rates.
In the March 2017 quarter, the Canberra housing market has also done well, recording the strongest price growth of all capital cities.
The median house price grew to a record high of $705,059 – an increase of 5.3 per cent.
According to Domain Group chief economist, Andrew Wilson, the Gungahlin suburbs of Harrison, Crace and Bonner are still relatively affordable despite their dramatic house price growth.
“I think that reflects the value as Gungahlin’s development progresses over the period,” Mr Wilson said.
Allhomes data scientist, Nicola Powell, said the rise of Gungahlin house prices is in keeping with Australian Bureau of Statistics data which shows that the suburbs of Harrison, Crace and Bonner are in the ACT’s top 10 in terms of population growth.
Dr Powell said that first home buyers and ‘upsizers’ have contributed to the house price growth.
“They quite like purchasing a new home and these three suburbs have seen a lot of development occurring,” she said.
Other Canberra suburbs to perform strongly over the past five years include Yarralumla and Weston.
Yarralumla recorded the ACT’s fourth-highest growth in house prices during this period with the median house price rising by 42.1 per cent to $1,442,500.
The fifth-biggest growth rate was recorded by Weston, where the median house price rose by 32.1 per cent to $700,000.
All ACT suburbs recorded house price growth over the past five years, with the exception of Bonython, which saw a 0.7 per cent decrease, and Florey, which saw a 1.2 per cent decrease.
Why do you think Gungahlin house prices have been growing so much? Do you think this trend will continue? What are your tips for areas which will go ahead? Please share them in the comments section.
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