'There’s been a distinct shift': Canberra agents wrap up the 2019 winter property market

Winter has come and very nearly gone and local agents say the season has provided some welcome surprises.

Samantha Granter of Belle Property Kingston says the settling of the federal election result and an easing of bank lending restrictions have contributed to a strong winter sales performance.

“We’ve been seeing good numbers coming through for the home inspections and a lot of interest in the $700,000-$1.2 million price range,” she says.

“That interest has been pretty much across the board in terms of suburbs, but certainly focused on family homes.”

Granter says supply has been tighter for buyers with many potential sellers holding off until spring.

“That’s contributed to a lot more competition for what has come to market and kept the pressure on prices,” she says.

Treston Bamber of Ray White Canberra says a comparison of annual sales showed only a small dip from the same period last year.

“I’d say that was a very good indicator of the strength of the local market,” he says.

“And there’s been a distinct shift in the financial landscape recently and we’re now seeing increased traffic at home opens and a lift in auction clearance rates.”

Bamber says active sectors included first-home buyers lured by the absence of stamp duty and “second-home buyers”.

“Many first-home buyers are now looking at detached homes in the $500,000-$700,00 range rather than units,” he says.

“And those with one home behind them are now upgrading into the $800,000-$1.2 million band.”

• Demand. Concerns over the banking royal commission and the federal election have settled and buyers are returning to the market as a level of certainty returns and lending conditions ease.
• Supply. Vendors have been a little slower to come back, creating strong competition for available stock. Similar external factors have contributed to their caution, but agents believe spring will renew seller confidence.
• On balance. Winter sales have proved resilient with agents reporting sales volumes on a par with previous years, despite external factors – a big uptick on the fundamental health of the Canberra market.