With Canberra’s median house price recording growth in 2017, the housing market is showing no signs of slowing down with more suburbs set to break the $1 million mark in 2018.
During the October-December (2017) quarter, Canberra’s median house price reached an all-time high of $753,516 – one of highest in Australia only second to Hobart.
Last year, 31.1% of homes sold in the ACT recorded prices of $1 million or more. In the past 12 months, at least six suburbs have cracked the $1 million milestone for a single home, and with 2018 well underway it looks as though more suburbs are set to do the same.
Here are the Canberra suburbs which are newcomers to the $1 million milestone:
Bonner broke the $1 million price tag twice in a matter of months. The Gungahlin suburb first surpassed $1 million in July with the sale of 141 Ida West Street. The home sold for $1.02 million.
Three months later, 19 Numiari Street sold for $1.1 million.
Downer only recorded its first $1 million sale in March 2017 at 96 Melba Place. It was the last suburb in the inner north to hit this milestone. Since then, Downer has recorded a further four sales over the $1 million mark.
In the final days of 2017, the south side suburb of Macarthur recorded its $1 million sale at 5 Dennys Place. The five-bedroom family home sold on December 22 for exactly $1 million.
Prior to this, the highest recorded sale was in April 2017 for $900,000.
Macquarie was Canberra’s best performing suburb of 2017. The $1 million milestone was reached in August with the sale of 29 Goulburn Place for $1.09 million. The former suburb record for Macquarie was set in 2015 for $987,000.
At the end of November 2017, Waramanga recorded its first $1 million sale at 26 Yiman Street.
The four-bedroom family home was the most immaculate home that Luton Properties Weston Creek selling agent Justine Burke had taken to market. The former highest recorded sale in Waramanga was $905,000 in October 2016.
Spence also surpassed the million dollar milestone in September at 68 Magrath Crescent.
Suburbs to watch in 2018
The central Tuggeranong suburb broke its suburb record twice last year. Its current highest sale was in early November for $965,000, just $35,000 short of the $1 million milestone.
Florey was another suburb that broke its record multiple times with the most recent selling for $960,000 in April. The north side suburb was the third best performing of 2017 with a median house price growth of 18.88 per cent.
Flynn recorded came close with a new suburb record of $950,000 last year. With residing Spence cracking the $1 million milestone recently, the flow-on effect will more than likely reach the suburb.
Monash’s median price jumped 12.8 per cent in 2017 to $615,000. Despite recording a suburb record of $950,000 in 2009, it has yet to reach $1 million. However, its fortunes could be changing with a few sales in the $900,000s last year, it’s definitely one to watch.
The second best performing suburb of 2018 has yet to reach the $900,000 mark, but the mix of strong growth and the flow-on effect is set to be beneficial for the suburb. With neighbouring suburbs, Macquarie and Cook, recently breaking the $1 million milestone, there is a lot of potential for Page.