Just across the border, our neighbour city, Queanbeyan, is experiencing a property price boom, with suburb growth surpassing all suburbs in the ACT.
Greater Queanbeyan’s median house price of $570,000 surged by 1.7 per cent in the 12 months to June 2019, but over the same period house prices in the suburb of Crestwood increased 16 per cent year-on-year to a median of $545,000 – positioning it as one of the country’s best performing suburbs, which isn’t bad for this small town.
Many born and bred Canberran’s, who are now seeking to buy their first property are playing a large role in the growth of the Queanbeyan market, with the median house prices well below that of Canberra’s $741,947. The added benefit is that first home buyers of existing and new properties up to $650,000 are exempt from paying stamp duty and are also eligible for the first home owners grant.
Queanbeyan East recorded growth of 10.5 per cent. The suburb has the lowest median house price of the region at $442,000. Karabar also recorded growth of 4.1 per cent.
The most expensive suburb in the region, Jerrabomberra recorded a 2.1 per cent growth to a median house price of $720,000.
With affordable figures for new entrants into the property market, Queanbeyan is now oozing with appeal.