'These highs may not last forever': Has the Canberra spring selling season started early this year?

There’s no doubt it’s a sellers’ market at the moment with agents consistently realising strong prices for available properties.

Parisa Noubakht of Illustrated Properties says the level of sales activity has been “crazy”.

“There is big pool of eager buyers at the moment and they are competing for a limited range of stock,” she says.

“Properties are regularly being sold up to 5 per cent beyond their price guides – that’s good news for sellers.”

Noubakht says buyers are being motivated by a range of factors including returning confidence as Canberra navigates its way through the COVID-19 pandemic.

“Then there’s the historically low-interest rates and a range of other incentives available to different demographics,” she says.

“There’s stamp duty exemptions for first-home buyers and others buying single residential blocks or off-the-plan apartments and townhouses.”

Mark Larmer of Independent Inner North & City, shares the same experience of buyer enthusiasm, but says there are signs sellers are returning to the market.

“I think they have been biding their time, watching for signs of consistency,” he says.

“They are seeing these strong prices being achieved week-in, week-out and now realise these highs may not last forever.”

Larmer points to the March-June period when his agency only listed 20 homes for sale.

“We’ve now had that same number in the past six weeks,” he says.

“As more properties come onto the market, prices will likely soften. Now’s the time to sell.”

• Supply. Homes have been slow to market for some time. Sellers have weathered many shocks including bushfires, hailstorms and the pandemic. There are signs confidence is returning in the light of strong prices.
• Demand. Buyers are acting bullishly in a market characterised by tight supply. Strong prices are being offered in private treaty or ahead of auctions as they compete for a limited pool of stock.
• X-Factors. There’s a COVID-19 crisis backdrop and, within that, historically low-interest rates, a range of stamp duty incentives, renovation grants, competition among lenders – as well as Canberra’s largely resilient economy.

Check out Allhomes’ top pick of homes on the market:

Denman Prospect

This striking home presents in bold linear lines that etch it into the Denman Prospect skyline with the promise of an interior to match. It does not disappoint.

This expertly crafted two-storey home showcases an uncompromising pursuit of quality in every aspect: design, build, fixtures, fittings and more.

Inside, there’s an abundance of natural lighting from floor-to-ceiling windows with engineered blackbutt flooring underfoot. A highlight is the bespoke staircase.

Adults will like the separation of a formal living room with gas fireplace. There’s also a theatre and smart home automation operating the blinds, airconditioning, lighting, speakers, alarm system and irrigation.

The kitchen is located at the heart of the home with Smeg appliances and a butler’s pantry with a 900-millimetre induction cooktop. The benchtop is 40-millimetre Calacatta stone. There’s a double oven, gas cooktop, pop-up rangehood and a Zip hydro-mixer with boiling and cold water.

A bar area is adjacent to bi-fold doors that lead outside.

Home comfort is provided by zoned reverse-cycling airconditioning, lower level hydronic floor heating and under-tile heating in the upstairs wet areas.

Of course, the main suite is generously sized with his and hers walk-in wardrobes and an appropriately indulgent en suite.

There are three further bedrooms and an upstairs sitting room.

Outside entertaining is enjoyed under a covered al fresco area with a heated, self-cleaning pool on standby for the warmer months.

View property

Price guide: $1.7 million +

Private sale

Agent: Illustrated Properties, Parisa Noubakht 0422 307 223

Or try these:

Braddon

View property

Price guide: $949,000

Private sale

Agent: Independent Gungahlin, Robert Potts 0408 626 096

Torrens

View property

Price guide: $1.09 million

Private sale

Agent: White Rhino Property, Gavin Van Zyl 0429 269 260

Latham

View property

Price guide: $720,000 +

Auction: 6:30pm, September 7

Agent: Independent Inner North & City, Aaron Lewis 0407 121 412