Are you ready to enter the property market or buy a new home or investment? Buyers Agent Guide offers advice, agent reviews and real estate market updates. Find a buyer’s agent in Canberra and save yourself time, stress and money in your next property purchase.
If you are planning to buy a residential or commercial property in Canberra it is important to understand the regulatory framework and intricacies of the local real estate market. An expert property advisor can provide this and has thorough background knowledge of the city’s property scene. BAG has extensive listings of agents who specialise in purchasing property in Canberra.
The housing market in Canberra continues to soar along with the rest of the country, however the driving forces are less clear than in other cities. Having said this, it is well known that Canberra suffers from a lack of supply of housing.
Using an independent buyer’s agent in Canberra will give you an overview of trends in the market and locations with the greatest potential for capital growth.
Agents are constantly researching the market and deal with buying real estate day in day out. This positions them perfectly to substantially benefit the average property buyer in both finding a home and negotiating a fair price.
An agent will provide insights into which suburbs have consistently high performance and those showing signs that they will do so in the future.
Canberra Property Market Update (As at March 2013)
Job losses in the government sector during 2012 resulted in limited property market activity, arising from buyer uncertainty. That aside, the latest figures from ABS (data as of November 2012) show that seasonally adjusted figures for property loans increased by 3.5%. This was the highest number of monthly loans recorded in the year and indicates increased confidence in the property market.
For the three months to February 2013 Canberra’s median unit price of $405,000 tracked the capital city benchmark closely. With a median house price of $545,000 Canberra continued to significantly exceed the capital city benchmark of $485,000 (see figure 1).
Figure 1 – Median house and unit prices (3 months to February 2013)
As of February 2013 gross rental yields were in the middle of the pack compared to other capital city markets. The rental yield for houses was averaging 4.6% and units were at 5.4% at this time.
Property value growth in Canberra is outperforming the capital city benchmark by just over double at 2.7%, achieving the same growth as Sydney against the benchmark of 1.3% (see figure 2). This growth has been driven partly by a 2.4% increase in house values, but even more so by a 6.5% increase in unit values over the year.
Figure 2 – Annual change in capital city property values
Property sales in Canberra held steady throughout 2012 however there was a significant 13% drop from the levels seen in 2011. The sale of 7,100 properties in 2012 was also far short of previous years, being 20.4% lower than the rolling 5 year average.
Figure 3 – Decline in property values from their peak (to February 2013)
Figure 4 – Average annual change in property values (past 5 years to February 2013)