Canberra’s property game is already red hot and it’s only just starting to kick into gear. For the past five years, Canberra has consistently achieved house price growth results and preliminary twenty-twenty sales figures indicate that the market is on track to make it six.
Crace established market momentum by setting a new suburb record of $1.63 million in early February. What’s even more special about this record sale, is that when the house was originally purchased in 2015 it also set the suburb record – it’s a rare feat for a property to set the suburb record once let alone twice. To add to the impressive first quarter results, Canberra’s opening auction weekend for the year recorded a 77.8 per cent clearance rate, which was the second highest preliminary clearance rate across Australia. Then, the cherry on top of the cake was in late February when Griffith exceeded its previous suburb record by a massive $750,000 with a $4.05million sale. A start this good to the property season is almost unheard of!
Now, as the season begins to transition, new listings are popping up left, right and center with the Autumn selling season expected to see large attendance numbers from downsizers, retirees, first home buyers and investors, indicating that there will be robust market competition for properties across all dwelling categories. On top of this, Canberra’s dwelling vacancy rate is sitting at a very marginal 0.6 per cent.
It’s not just the physical market experiencing competition, the online portal listing market is also vying for viewer attention. At the moment, it’s hard to go anywhere around Canberra without seeing the yellow and purple ‘Zango’ advertising. Canberra’s newest player in the real estate scene has made its mark with the launch of the Zango real estate portal taking on industry giant, All Homes. Zango is 100% Canberra owned and operated and was collaboratively developed by local real estate agents with the intention to create market competition, minimise the listing costs that sellers are currently paying and to ensure that the platform is meeting the needs of the Canberra market.
Twenty-twenty is definitely the year of a market shake up.