Ngunnawal suburb record smashed as buyers spend more in Gungahlin

Ngunnawal is the latest Canberra suburb to get a new house price record as buyers spend more in Gungahlin.

A four-bedroom house at 22 Tanderra Crescent has sold for $1,425,000, breaking Ngunnawal’s record by more than $200,000.

It’s the fifth suburb record to be smashed in the ACT this year.

It breaks a previous top sale of $1,185,000 which was set in March 2016 with the sale of 5 Gangele Street.

Selling agent Justin Taylor of McGrath Estate Agents Gungahlin said the 1187-square-metre property was sold by negotiation mid-last week, with the sale exchanging on Monday.

He said a range of factors were contributing to strong sales in the Gungahlin region.

“One, we still have low interest rates,” Mr Taylor said.

“Two, there’s a lot of buyer confidence in the market. More people are seeing big sales. It means other buyers feel comfortable spending more money.

“Three, there’s still a shortage of homes. It’s just really competitive.”

Mr Taylor said the Tanderra Crescent house was snapped up by a Canberra business owner and family.

He said more than 100 groups had inspected the property, with multiple offers exceeding $1.25 million.

It’s the second Gungahlin suburb record smashed this year alone. Forde is also home to a new record of $1.4 million following a March auction.

“Gungahlin is becoming a popular region with buyers who had previously not considered [the area],” Mr Taylor said.

He said the Canberra market had been strong over the past couple of years with no signs of easing off.

More buyers priced out of Sydney had turned their attention to the nation’s capital.

“Infrastructure has vastly improved,” he said. “What the city offers is a lot more than it offered 20 years ago.”

At the opposite end of the ACT, Tuggeranong’s record has been smashed by more than $100,000 with the sale of 43 Mount Vernon Drive in Kambah for $1.4 million.