It’s been a strong 12 months for the Canberra property investment market with most Canberra suburbs recording a median price growth.
With similar results expected for 2017, the hottest suburbs include entry level areas on the fringe of the ACT, right through to prestige suburbs in Canberra’s inner south.
Domain senior economist Andrew Wilson says pinpointing the strongest suburbs is trickier in Canberra than it is in other cities.
The nation’s capital is home to a compressed market, with a higher entry point in affordable suburbs and a lower entry point in prestige suburbs, when compared to Sydney and Melbourne
Canberra’s property market began to strengthen last year after a long, sluggish period, and experts predict it’s just a taste of things to come in 2017.
With more than 6500 homes sold, 25 suburb records smashed and the median house price rising to $613,750, buyers faced a competitive market, and it’s a trend that looks set to continue.
“It’s a market that has been dozing for a number of years,” Domain senior economist Andrew Wilson says. “The confidence has started to build and that same energy will drive the market this year.”
LJ Hooker Manuka principal Stephen Thompson believes it could be the strongest year Canberra’s market has seen in a long time.
“The Canberra market tends to be counter-cyclical,” Mr Thompson says. “We had a flat three-year period, while Sydney had extreme growth. It’s now our time and I think it could be one of the strongest years we’ve had in decades.”
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