We've already talked about how it's a great time to buy or rent in Canberra due to its affordability in comparison to cities such as Melbourne or Sydney. But what if you're a Canberra resident looking to sell your property? There are plenty of signs that it's a great time to put your home on the market right now.
Canberra boasts an incredible lifestyle, good employment prospects and top quality educational facilities – all factors that attract buyers and renters to our city. Right now, the demand for properties is high, a trend we're witnessing across Australian cities as a result of fewer homes being listed for sale.
"A shortage of advertised stock can contribute to upwards pressure on prices, as prospective buyers experience FOMO (fear of missing out) which reduces a buyers ability or willingness to negotiate on prices and causes some urgency in the decision making process," says CoreLogic's head of research Tim Lawless.
Last Saturday, an astounding $85million worth of property was auctioned off in Canberra. A grand total of 96 homes across the ACT were scheduled to go under the hammer – the highest number of properties in a single weekend that surpassed the record of 92 set last year.
This isn't a once-off; Canberra's auction clearance rates have been high throughout the first quarter of 2017. When combined with other market indicators, this shows that we're currently in a strong selling market.
Although our property values are nowhere near median prices in Sydney, they are certainly going up, which is great news for those looking to sell their homes right now. We've experienced growth in property values of 10.4 per cent over the past twelve months, which is the highest growth rate for Canberra since August 2010, according to CoreLogic's March housing market update. Canberra's housing market has been the third best market for annual capital gains over the past twelve months – beaten only by Sydney and Melbourne.
If you're considering selling your Canberra property in the near future, come and chat to the team at Ray White Belconnen. Our customers voted us the number one real estate agency in the ACT at the RateMyAgent awards for two years running, so if there's any agency you want handling your sale, it's us!