Canberra is the ACT’s capital city and Australia’s capital city. Canberra has a strong economy with a low unemployment rate. With a population of 403,468, it is Australia's largest inland city and the eighth-largest city overall. Compared to the national averages, the unemployment rate is lower and the average income higher; tertiary education levels are higher, while the population is younger. Property prices are often relatively high, in part due to comparatively restrictive development regulations.
Traditional agent commissions in Canberra
Agent commissions in Canberra are some of the lowest due to demand. To sell a property in Canberra with a traditional agent you can expect to pay around 1.99% on the lower end to around 2.20% plus GST on average.
On top of a commission, if you sell with a traditional agent, you would also generally pay additional advertising fees which can increase your total cost significantly. For example, in a competitive suburb like Newstead, the top upgrade available on realestate.com.au may be a few thousand dollars. All up, your total cost is likely to be $14-$20,000+ if you decide to sell with a traditional agent as opposed to as low as $694 if you sell your home yourself with the help of PropertyNow.
The real estate market in Canberra
The real estate market in Canberra definitely saw its peak in 2017 and although the growth has slowed down, it hasn’t seen the steep decline of other capital cities.
Dwelling values in Canberra show annual growth rate of 2.6% over the last 12 months (which is much lower in comparison to the peak annual growth rate seen in previous years) but still an improvement over other capital cities, such as Sydney, which experienced a decrease.
As of June 2018 median dwelling price in Canberra is $594,000 with median house values at $678,000 and median unit values of $435,000, showing a steady annual growth of 2.2% over the past decade.
Housing demand in Canberra is strong and steady and this is shown in the weekly rent and yields figures. Rentals yields are among the highest throughout the capital cities, with weekly rent sitting at $575 for houses and $450 for units. The gross rental yields currently are still climbing from previous years, with a fair jump of 4.3% for houses and 5.6% for units since July 2017.
The average number of days on the market for sale properties rose minimally with 46 days on the market being the average for June 2018 (slightly longer than the average of 40 days on the market in June 2017.)
Selling property in Canberra without an agent
It is advisable to know the specific laws that are involved in selling or acquiring a property in Canberra. One such law is the Real Property Act 1925 and the Land Titles Act 1925. Another law that would apply to selling your own property is the Civil Law (Sale of Residential Property) Act 2003. We recommend acquiring some expert advice to help you in the process of selling your property.
Buying or selling a property nowadays is easier because of direct access to information from the web. But the ever-present issue of steep prices and hidden charges made by agents and real estate firms makes it harder for a buyer or seller to sell or buy a property. Not to mention the hassle encountered by a buyer and/or seller involved in such transactions.
Such circumstances are the main reason behind the creation of PropertyNow. An Australian based and online company, PropertyNow will help you post your property in different well-known real estate listings, not to mention will help you detect any errors in your listings and correct them to avoid having your listings rejected or cancelled.
By not paying an agent a hefty commission you give yourself more room to move on the sale price, putting you at an advantage against similar properties in the market. You can also know for you sure that enquiries are being responded to as quickly as possible and are properly followed up instead of being in the dark as to what's going on. If you're not sure of how to price your property, we can even provide you with a detailed breakdown of sale statistics for a specific suburb of Canberra, as well as an estimated value of your property itself.
Review of selling a house privately in Canberra region
Kirsten sold her property in Narrabundah privately in April 2018 and wrote "Quite easy to use and very helpful staff."