Canberra’s property market continues to gain momentum with another suburb record being set in late August. 9 De Smet Place in Fraser sold for $1,019,000 which not only surpassed the previous record by $54,000 but was also the first property sold in the suburb for over one million dollars. The previous record was held by 79 Bingley Crescent which sold in August 2018 for $965,000.
Two suburbs sharing the 2615 postcode have dabbled over the one-million-dollar range and a further three have come very close. Melba’s record has been intact since 2013 with the record holding strong at $1.23M, whilst Spence first entered the club with a $1M sale in 2017. Florey, Flynn and Latham are suburbs to keep an eye on, with all three within $50,000 or less to reaching the million-dollar milestone.
Positive signs for the Canberra market are apparent, with CoreLogic’s August home value index results revealing that Canberra was one of only two cities which recorded annual growth, coming only second to Hobart. Likewise, Canberra’s dwelling values also increased by 1.2% placing our city second in the top ten annual change in dwelling values. It is cited by CoreLogic’s research director Tim Lawless, that the results are contributed to an increase in auction clearance rates and a deeper pool of buyers.
The good news for sellers is that with interest rates sitting at a historic low, house price growth could be fuelled, and we will see more suburbs reaching the million-dollar milestone.