It was a record-breaking weekend for property sales in Canberra with suburb prices smashed in Theodore and Duffy, showing the housing market in Canberra continues to buck the national trend.
Corelogic figures out this week showed Canberra home values defied the national drop, posting a 3.6 per cent rise so far this year, and an 8.5 per cent over the past 12 months.
Col McIntyre from McIntyre Property said it isn’t unusual for Canberra to hold its own when the rest of the country takes a dive.
“The market indicators are strong,” said Mr McIntyre. “Properties are selling for above what we expect.
“We’ve had a month or two of people making decisions about upsizing, downsizing, investing during the lockdown, and the increasing population keeps demand strong.”
Mr McIntyre believes population growth is one of the factors driving the heat in the Canberra residential sales market.
“We have more incoming population than we have homes. People like living in a more open-plan city.”
White Rhino senior sales agent and auctioneer Jonny Warren broke the suburb record for the highest price for a five-bedroom home in Theodore last weekend by $70,000.
The home at 6 Conlon Crescent sold at auction on Saturday for $890,000, easily exceeding the previous record of $820,000 for a five-bedroom home.
Mr Warren has broken a suburb record seven times in five years.
“It was a really emotional sale,” said Mr Warren.
“This property was built by, and home to, five generations of one family, and everyone was very emotionally invested in the sale.
“We had 60 groups through the property and three registered bidders. There would have been more except they couldn’t get their finance through in time.”
The auction took place on the back deck of the home on Saturday, 1 August, and was competitive, but relatively short, with the three registered bidders and four conditional buyers present.
Luton Properties Sales Agents Tim and Justine Burke also broke the suburb record in Duffy with 5 Settlement Drive, reaching a private deal prior to the auction, which was to be held tomorrow (7 August). The suburb record stood at $1.75 million, and while the sale price of the home is undisclosed, the record fell by a substantial amount.
“We certainly believed the home could break the record price, we could see the potential for it, but it comes down to what buyers are in the market,” said Ms Burke.
“In a crazy year you never know what’s going to happen,” said Tim Burke. “We’ve had more suburb records [fall] during the pandemic than in recent years. There’s so much buyer activity and such a lack of stock, every now and again we’re lucky to break one,” he said.
Col McIntyre is optimistic about the future, and said not even the new suburbs being established will take the heat out of the market.
“Every other time the housing market in the rest of the country has dropped, we’ve held our own,” he said. “We’ve got secure and well-paid employment and kids are sticking around, getting jobs, and buying homes too.”