Could this be your way into one of Canberra's most sought-after suburbs?

Buying a home in the suburb of Forrest might be more within reach than expected by buyers, with data revealing the suburb’s median unit price has dropped significantly year-on-year. 

The latest Domain House Price Report revealed the median unit price in Forrest had dropped by 12.2 per cent year-on-year to $755,000. This was the largest annual decline of houses and units in Canberra. 

Forrest’s unit price is significantly less than the median cost of a home in the Inner South region, which remained over the $2 million mark in the last quarter. 

Bree Prince of HIVE Property said buying a unit in Forrest was a great way to enter into a highly sought-after area, and now was a great time to do so. 

“Forrest offers a certain lifestyle … and even though [it has] properties that are really tightly held and offers larger homes that have been in families for generations, there is an entry into that lifestyle in the unit market,” she said. 

“We’ve also seen, with a lot of development happening around Forrest, it’s given people more of an opportunity to buy in the area.

“People can have that premium address, they can get into the top schools in the area if they have little ones … you can do all the things that make Forrest attractive.” 

Forrest’s proximity to the Parliamentary Triangle and other desirable locations including Kingston and Manuka is largely what makes it such a desirable place to live, Prince added. 

“It’s considered one of the best suburbs in Canberra to live in; it’s probably the most highly regarded, and there is a lot of demand for that reason,” she said. 

Alexander Anlezark of Belle Property Canberra also said this was a good time to purchase a unit in Forrest, as there were a number of opportunities that came with it. 

“There are one and two-bedroom apartments there that cater well from an investment perspective, or for people who work in parliament from an Airbnb perspective,” he said. 

“It’s one of those suburbs that is always going to be a strong performer, and now is the best time to get into the unit market and ride the continual wave.

“Buyers should definitely consider these units as a means of getting into the market in the area, with the benefits that the location offers.” 

Over the last few years, numerous apartment complexes have been completed to provide for the changing Forrest community, which has provided more opportunities for new buyers.

“The new apartment complexes cater for the ageing population within Forrest who have been there for decades and are looking to downsize within the suburb,” Anlezark said. 

Prince, who has listed 27/22 Canberra Avenue, Forrest, said apartment living further amplified the lifestyle that came with living in Forrest. 

“A lot of owner-occupiers build quite close-knit communities within these complexes,” she said. 

“My owners love that they know most of the other owners in the building. They are all very social and they go out for coffee and meetings.

“Forrest really has that community feel, but it’s also about the quality of the apartments that are available too.”