Canberra can add yet another feather to its cap as a real estate gem after the release of Corelogic's latest Hedonic Home Value Index. The report states that the value of the city's dwelling values has risen by 4.5 per cent in the past quarter – a figure that blasts most other capital cities out of the water.
Such figures may be a good indication that real estate owners in Belconnen and surrounds may be seeing a boost in their home values, and it could even be great news for investors looking to purchase now and sell later.
Canberra's quarterly efforts of a 4.5 per cent increase were second only to Melbourne with 5 per cent. This means that in the past three months, property owners in these cities have seen major increases in average prices. For Canberra, the median dwelling price now sits at $556,800 – the third highest in the country after Sydney and Melbourne.
Other areas have not performed quite as well, with Darwin dropping 4.5 per cent over the quarter in stark contrast to Canberra's improvement.
Overall, Canberran home owners can celebrate a massive 9 per cent increase in its year-on-year figures. This growth is identical to that seen in Melbourne, and not far behind that of the country's leader Sydney with 10.9 per cent.
Looking purely at the monthly increases, Canberra actually came out on top with a 2.4 per cent increase (over Melbourne's 2.3 per cent rise and Sydney's 0.8 per cent).
These figures show a strong Canberran real estate market. Home owners who purchased their property a year ago may now be able to sell Canberra real estate for a profit, while those considering purchasing now can hope that the upward trend continues after buying a home.
Canberra's housing market has been doing well for a number of suggested reasons. For example, the affordability of properties here makes it an attractive option for fed up buyers from the inflated markets of Sydney and Melbourne.
The CBRE MarketView Report goes further to say that a six-year unemployment low has also got something to do with it. The labour market has jumped as much as 2.4 per cent over the past year, and CBRE Senior Research Analyst Jacob Fong claims that it has helped boost the real estate market.
"Strengthening buyer demand is being underpinned by the more positive employment outlook," he said.
If you're considering purchasing or selling property in Canberra, talk to the team at Ray White Belconnen!