Propell's August residential market report has been released, revealing the most recent numbers on Australia's housing market.
Sydney and Melbourne have once again seen consistently high growth as property prices continue to soar. Over the previous month, Sydney's median house values experienced a rise of 3.3 per cent, and Melbourne an increase of 5.1 per cent. Over the last 12 months, Sydney's and Melbourne's markets continued to be a battleground, with median house price growth marked at 19.8 per cent and 12.3 per cent respectively.
With new records regularly being set and then smashed again, the two capital cities continue to steal property headlines. Talks of Sydney's and Melbourne's notorious property markets continue to circulate while forecasts heralding an inevitable market crash for Sydney echo here and there, followed by quick rebuttals from analysts who predict otherwise.
In the midst of such sensational happenings in the property market, it can be tough to get a good report on how Canberra's market is faring. So, what do figures and experts have to say?
While apartment values in Canberra, as well as a few other capital cities, are experiencing a slight decline, house values are enjoying slow but positively steady growth. Canberra is recording a house value growth of 3.9 per cent so far in the year to date, pushing the median house value to $593,000.
Confidence in Canberra's markets is also rising with analysts projecting a solid 4 per cent growth over the next 12 months. This should see the median house value hit $617,000.
With Canberra's property markets experiencing steady growth, it might a good time to start investing in Belconnen real estate. Why not give the Ray White Belconnen team a ring? We'll be more than happy to advise you on your next step.