- Asking prices have increased since the mid-2010s
- RiskWise Property Research has found 10 affordable suburbs 10 to 20km from the CBD
- These suburbs have a house median price in the $650,000 to $750,000 range
Canberra’s housing market has performed strongly throughout the pandemic.
Thanks to factors such as having the large public sector workforce and the highest median household income in the nation, property prices have soared over the past year. Only recently, have they stuttered somewhat amid the current lockdown.
SQM Research data shows that while asking prices declined during the mid-2010s, they have been increasing since, with sharp growth recorded over the past year.
Unlike previous years, asking prices for units have been increasing at a much faster rate in 2021.
Despite the price increases, Pete Wargent, co-founder of BuyersBuyers.com.au, has argued there are still pockets of affordable houses that are around 70% of the median Canberran price.
“With mortgage rates still close to the lowest on record all capital cities offer some opportunities for those with a reasonable buffer and a level of employment security,” said Mr Wargent.
“With first homebuyers still active, and now competing with investors for a low level of stock on the market, we expect affordable suburbs to be sharply in focus. Stock levels in Canberra have been exceptionally tight, and properties have been selling very quickly.”
RiskWise Property Research has found the top 10 affordable suburbs for houses in Canberra. All are located around 10 to 20 kilometres from the Canberra CBD.
Median prices in these suburbs are typically between $650,000 and $750,000 – compared to the Canberra median of $850,000.
10 most affordable suburbs in Canberra
|Ranking||Suburb||Postcode||Distance from the CBD (km)||Median Price||1-Year Growth||5-Year Growth|
Source: RiskWise Property Research
All ten suburbs experienced double-digit growth over the past year, and between 50% to 66% growth over the past five years.
“COVID-19 has also helped strengthen ‘work from home’ opportunities, meaning owner-occupiers can take advantage of ‘lifestyle’ prospects instead of being so closely tied to the main employment hubs,” added Mr Wargent.