Canberra auctions: stable economy fuelling demand

Stabilised inflation and a pause on interest rate hikes are breathing life into Canberra’s housing market, with recent results indicating the city is poised for growth in 2024.

Agents across Canberra are reporting increased numbers at inspections, with properties selling prior to auction or on the day.

Belle Property Canberra’s Leanne Palmer said they were already seeing strong buyer activity and were recording solid sales results, including a prestigious apartment in the city’s centre.

Positioned in the popular New Acton art precinct, 501/21-23 Marcus Clarke Street sold under the hammer on Thursday for $1.43 million.

The striking apartment is the definition of contemporary and luxury living, offering three bedrooms, three bathrooms and two car spaces, while features, such as a large corner balcony, showcases panoramic city and lake views.

Blackshaw’s Mario Sanfrancesco noted strong activity since early January.

“This year is shaping up really well with strong interest from owner occupiers in search of the right family home and the right location,” he said.

“In particular, there is pent up demand to buy in the inner south suburbs.”

Luton Properties’ Richard Luton said their agency had recorded increased numbers attending their inspections, but there was a shortage of good quality renovated homes.

“With inflation dropping, there will be pressure on interest rates to fall,” he added.