If you're looking at Belconnen apartments or houses, you might be wondering what the state of the market is before you jump in and buy.
The recent quarterly review from CoreLogic RP Data helps give some insight into that question. As of July 2015, the country's residential property was worth a total of $6trillion. To put it into perspective, this makes housing Australia's most valuable asset class, beating out listed equities and superannuation, which are respectively worth $1.5trillion and $2trillion.
Sydney and Melbourne both saw the most dramatic annual growth, respectively recorded at 18.4 per cent and 11.5 per cent. This has pushed median house prices to $921,500 in Sydney and $630,000 in Melbourne.
As the Commonwealth Bank Home Buyers Index describes, Sydney and Melbourne are sellers' markets. This means it's more favourable to be a seller thanks to supply unable to keep up with demand.
While this is good news for sellers, it can be frustratingly difficult for homebuyers to purchase property in the two capital cities.
Canberra, on the other hand, is defined as a 'balanced market'. This means that supply and demand are relatively well met.
CoreLogic's quarterly review shows that the city experienced a steady 2.3 per cent growth over the July quarter. This has resulted in houses and units having a respective median price of $593,000 and $412,200.
Canberra's balanced market is a good sign for those living in or looking to move into Belconnen real estate. Sydney's property boom cannot hold forever, and some are even predicting a market crash. In the midst of it all, many locals are being locked out, unable to afford homes in their own city.
A balanced market means stability and a greater sense of certainty. Prices aren't seeing massive, uncontrollable spikes up or down, which means neither buyer nor seller is losing out.
Don't want to have to struggle tooth-and-nail for property? Get in touch with Ray White Belconnen and we'll find you a range of homes in beautiful Belconnen.