What kinds of homes are selling in the current Canberra market?

Canberra’s real estate market has experienced a number of changes in the last 12 months, but despite this, the industry has trekked on.

Thirteen suburb records have broken since November as buyers are undeniably still active and interested. So what kind of homes are selling in Canberra’s current market?

Mario Sanfrancesco of Blackshaw Manuka said “homes of distinction” will always be appealing to buyers in any market for a number of different reasons. 

“There is an element of uniqueness, and an overall premium quality with these high-end homes, together with lifestyle, the comfort, and overall feel they create,” he said. 

“Another element is that these homes are often located in older, leafy areas on substantial land holdings, such as 2 Wickham Crescent, Red Hill, which I recently sold for just under $6 million.

“These types of properties offer a very private, tranquil lifestyle similar to what you would experience in a semi-rural setting, another alternative to a tree-change.” 

Location itself plays a major role in buyers’ desire for these high-end properties, which are regularly found in highly sought-after suburbs such as Red Hill, Sanfrancesco added. 

“High-end homes sell largely due to the rarity of these offerings ー many of these properties are often generational, which sellers have owned over many decades,” he said. 

“When they go on sale, I also deal with numerous interstate buyers, who are often families ready to purchase who are generally searching for that same forever home.”

On the other end of the spectrum, Richard King of Bastion Property Group said he has noticed a “serendipitous growth” in the demand for townhouses across Canberra. 

The convenience of these properties, he said, is what is drawing all sorts of buyers in. 

“Townhouses offer a lifestyle which blends elements of the space and land you’d associate with a standalone house, with the low-maintenance and the lock up and leave convenience of an apartment,” he said. 

“The location of these dwellings also adds to their desirability … due to the territory’s planning zones, they are often located in close proximity to shopping precincts and public transport.

“The types of buyers which are most actively participating in the purchase of townhouses are first-home buyers, young professionals, young families, downsizers and investors.” 

Having successfully sold multiple townhouses at auction in the last few months, King said another major drawcard for buyers is the affordability of these homes. 

“Due to the versatility and opportunity townhouses offer, it’s clear that buyers associate these dwellings with value for money,” he said. 

“Off-the-plan or recently constructed townhouses provide a turnkey solution for a comfortable low-maintenance lifestyle, whilst the well-established properties offer the opportunity to renovate. 

“In saying that, homes of a turnkey nature, generally speaking, are once again becoming the more attractive product, with many still achieving impressive results.”