Unit Prices in Canberra Rank Among the Nation’s Top
In a striking show of market strength, Canberra’s apartment sector has outperformed residential housing growth with a 10.2% increase in prices over the last year.
This significant rise positions Canberra’s unit market as one of the biggest surges in the country, as revealed in the latest Domain House Price Report.
Throughout the year leading up to December 2023, the average price for apartments grew from $567,557 to an impressive $625,597.
The market has experienced its fourth consecutive quarter of growth, a level of momentum that has not been observed since the 2020-2021 period.
This consistent upward trend has led to a peak in unit prices, effectively recouping the $45,000 loss recorded during the 2022 market downturn, and signaling a strong recovery.
Currently, unit prices are now standing roughly $13,000 (or 2.2%) higher than the last peak observed in the quarter ending in June 2022.
This surge in unit prices has significantly closed the gap between the cost of apartments and houses, narrowing it to the smallest margin seen in over three years, the report details.
Jonny Warren from Jonny Warren Properties provided insights into the Canberra apartment market’s growth this 2024.
“We’re seeing a lot of demand for apartments with owner-occupiers the most active, making up 65% of our sales,” Jonny said.
“About 60% of these are first-home buyers. Our open for inspections are also attracting high numbers.”
Jonny highlighted a recent JWP team win, a three-bedroom apartment on Forbes Street, Turner, which sold for $735,000, and a two-bedroom apartment in Queanbeyan that went under offer within just two days of listing.
Meanwhile, house prices in Canberra have experienced a downturn, settling at a new low of $1.024 million at the end of 2023, marking a 12.9% fall from the June 2022 peak, a drop of approximately $151,000.
This downturn positions Canberra as the capital city furthest from its housing price peak, contrasting with other cities that are at record highs or have already embarked on a recovery trajectory.
If you’re looking to navigate Canberra’s real estate market, Jonny Warren Properties stands ready to guide you through every step. Whether you’re a first-time buyer or looking to invest, our expertise and personalized approach ensure you find the perfect property to call home. Contact us today!