Greeting from the team at Peter Morrell Real Estate!
We hope you are well and enjoying the summer weather.
For the market, Canberra’s house prices soared by almost $1300 each day in the three months to December, setting a new record high for the city’s median house price which now sits at $1.178 million, new research shows.
The Domain House Price Report for the December quarter, released in late January, showed the capital’s median house price increased by 11.3 per cent over the quarter to $1,178,364, up 36.6 per cent year-on-year. This was the steepest quarterly and annual growth of all capital cities.
That said, we are seeing big changes on the ground. There has been a big influx of properties onto the market and buyers are now in a position to be a bit picker with their choices. We don't expect prices to ease in the short term, but the run-away growth has certainly been tempered by this increase in supply.
The auction clearance rate is still strong and hovering around the 80% mark. Some auctions are being passed in, but these homes are selling in the few days afterwards for prices that sellers are happy with.
All-in-all this is still a strong market for sellers in the short term.
As always if you have any questions about the market, or where your home may be positioned, we'd love to speak with you. We love to talk real estate!
