Have you been thinking of moving out of Belconnen rentals for a while, but are worried you won't be able to afford a place of your own? Well now could be just the moment to take the plunge, as official figures have confirmed that property prices are in decline.
The Australian Bureau of Statistics (ABS) released its Residential Property Price Index for the March quarter, which shows a decline of 0.2 per cent. This makes it the first fall the market has seen since the September quarter of 2012.
Commenting on the ABS figures, the Housing Industry Association (HIA) explained that much of the decline can be owed to a deceleration in price rises across Sydney, which has brought down the national average.
"Annual price growth [in Sydney] eased back into single-figure territory in March this year," said HIA economist Diwa Hopkins.
"Sydney prices grew at an annual rate of 9.7 per cent, beating the national average, but are also the city's slowest pace of growth in almost three years."
The ACT wasn't immune from these price falls, as the attached dwellings index from the ABS was down 1.1 per cent in Canberra. It's therefore possible that the cost of real estate in Belconnen has followed suit, especially as it seems that most parts of the country have followed this recent trend.
As news of falling property values spreads, there's every chance that demand for property will start to grow. This is why you need the expertise of a real estate agent in Belconnen, who'll be able to keep an eye out for homes that meet your criteria.
Get in touch with the team at Ray White Belconnen to make sure you stay ahead of the game in this highly active market.