Australia and the ACT’s capital city, Canberra has a strong economy and a low unemployment rate. With a population of 403,468, it’s our largest inland city and the eighth-largest city overall.
Compared to the national averages, Canberra’s unemployment rate is lower and the average income higher; tertiary education levels are higher, and the population is younger.
Property prices are often relatively high due to comparatively restrictive development regulations.
Agent commissions in Canberra are lower than in other Australian cities. To sell a property in Canberra with a traditional agent you can expect to pay around 1.99% to 2.25% plus GST.
If you sell with a traditional agent, you can also expect to pay additional advertising fees on top of your agent’s commission, which can increase your total cost significantly. All up, your total cost is likely to be $14,000-$20,000+ if you decide to sell with a traditional agent.
Or you could pay just $694 if you sell your home yourself with the help of PropertyNow.
Property values around Australia have increased 11.8% since June 2020.
This surge in property value has caused all our major banks to forecast 20% to 30% rises in property values around Australia this cycle with strong growth continuing for some time and then slowing down over the next couple of years.
Canberra’s real estate market is on the way up with 1.9% growth since last month and 14.2% since June last year.
As of June 2021, the median dwelling price in Canberra is $734,107 with median house values at $820,000 and median unit values of $492,400, showing annual growth of 2.3% over the past decade.
Housing demand in Canberra is still strong and steady, as demonstrated by weekly rent and yields figures. Rentals yields are among the highest throughout the capital cities, with weekly rent sitting at $570 for houses and $520 for units.
Gross rental yields have dropped from previous years, sitting at 3.2% for houses and 4.2% for units.
The average number of days on the market for sale properties increased in the last 12 months with 30 days on average (slightly less than the 34 day average this time last year).
Surprisingly, Australia’s capital was somewhat unaffected by the pandemic and recorded zero change in property growth and a 1.4% growth for the first quarter of 2020, when pandemic restrictions were at their most rampant.
Experts say the Canberra property market will be somewhat resilient to the after-effects of Coronavirus due to the high portion of Government workers, where job losses have been minimal.
We advise knowing the specific laws involved in selling or acquiring a property in Canberra, including the Real Property Act 1925, the Land Titles Act 1925 and the Civil Law (Sale of Residential Property) Act 2003. We recommend getting expert advice to help you sell your property.
The web makes buying or selling a property is easier than ever. But steep prices and hidden charges made by agents and real estate firms makes it harder for property buyers and sellers.
Not paying hefty agent commission fees gives you give more room to move on the sale price, and an advantage over similar properties on the market.
You’ll also know for sure enquiries are responded to as quickly as possible and properly followed up!
If you don’t know how to price your property, we can help. Ask us for h a detailed breakdown of sale statistics for a specific Canberra suburb and an estimated value of your property.
Kirsten sold her property in Narrabundah privately last April. She wrote, “Quite easy to use and very helpful staff.”