15 April 2017

Canberra house prices smash four suburb records

| David Tuckwell
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51 national circuit

Canberra house prices are smashing records everywhere, with one real estate company breaking four suburb records in six weeks.

In Forrest, 51 National Circuit was sold for $5.5 million, hurdling the previous record by more than $1.6 million.

In O’Connor, 15 Mulga Street has sold for $2.25 million.

In Braddon, 32 Farrer Street sold for $1.8 million.

In Downer a property on Melba Place has sold for $1.01 million — the first house in Downer to break the $1 million milestone.

The sale of the Downer property also means that every inner north suburb has a property which has sold for over $1 million.

Commenting on the sales, Richard Luton of Luton Properties, whose company has broken these records, attributed the high prices to “luck” and a “very strong Canberra housing market”.

“We were lucky to be given these properties to sell. These are top end properties that deserved to sell well,” Mr Luton said.

“The one in Forrest was the most sensational result. I believe that suburb has been underrated for years.”

Mr Luton also noted that the demand for premium housing was coming from Canberrans, not from interstate or international buyers. He also said that the buyers of each of the four homes intended to use them for residential purposes – not development as the houses were mostly new.

The house in Forrest, Mr Luton says, is a particularly noteworthy sale because it is the third most expensive in Canberra’s history. The only two properties to have ever fetched a higher price were both on Mugga Way’s “millionaire mile”.

Justifying the $5.5 million price tag, Mr Luton credited the enormous underground car garage, which can hold up to 10 cars, and the high-quality construction work.

“The house was demolished three years ago and the original owners did a knockdown rebuild and crafted a beautiful home to the highest standards.

“The buyer wanted a huge basement garage. Most people these days want to have good car accommodation. This garage is highly impressive because it looks like a showroom.

“The property is worth it. Some blocks in that area are selling for more than $2,000 per sqm.”

Property in the inner north, sometimes thought of as the territory of ANU students, is starting to go up in value as well. Mr Luton believes this is because of its proximity to Civic.

“People want to be close to the city. You can’t redevelop in some of these areas, but some of these houses are so good you wouldn’t want to.”

Photos: 51 National Circuit, Forrest, which sold for $5.5 million (above); 15 Mulga St, O’Connor, which has sold for $2.25 million (below).

O_connorHouse (2)

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It’s time the ACT Government reviewed inner-city subdivision requirements so that first-home buyers can build on half of one of those big blocks – and allow older owners to downsize while staying in their area.

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