Allhomes have just released to agents their latest Allhomes Property Market Index. I found the following items of particular interest.
Looking at the sales market, median house prices have continued to rise across both Canberra and Greater Queanbeyan. The median house price in the ACT is now $638,000, Townhouses $435,000 and Units & Apartments $381,000.
There were a total on 689 sales in the region for the previous quarter which is an increase of 22.4%. Whilst the sales volume of detached houses has dropped by 2.3% in the 12 month period between December 2015 and December 2016, the fact that banks have started to raise interest rates is likely to have unnerved some consumers and the drive for affordable housing and investor activity has help ignite the unit market with the sales of Townhouses and Apartments rising by 20%.
The percentage of sales of detached houses by Auction increased by 12.1% and the days on market for Houses has dropped for both Private treaty and Auctions sales being 57.3 and 23.5 days respectively, Townhouses and Units have increased their days on market to approximately 104.1 days.
Moving onto the rental market this has continued to strengthen over 2016 after a quiet few years, the median weekly rent has increased to $510 for houses and $400 for townhouses and apartments. The time take to lease properties has shortened in every area of the Canberra market with properties in Weston Creek and Belconnen having the shortest times.
The number of building approvals remains strong and there are a number of developments due to hit the market in 2017 which will improve available stock however may challenge the current rental market conditions. If would like to discuss the sales or rental market within Canberra I am always happy to discuss this with you and can be contacted on 0418 797 718 or [email protected]
We are finding that we are renting properties quickly at the moment and if you have a property that is sitting vacant or you are not satisfied with your current property manager we would appreciate the opportunity to discuss your options. It is always very important to have your property management needs tailored to your own property.