What to consider when buying in a townhouse or apartment development in Canberra

Detached homes have been in the spotlight as prices soar, driven largely by cheap money and tight supply.

Townhomes and apartments have certainly enjoyed a boost, too, albeit largely more restrained by comparison.

Sam McGregor of McGrath North Canberra believes there is good buying to be had in these segments.

“There certainly is depending on where a buyer may be looking and what they are looking for,” he says.

“For example, downsizers often look toward the more central, established areas while first home buyers are favouring townhomes in newer suburbs like Denman Prospect.

McGregor says low-interest rates enable them onto the next rung on the property ladder and into an area that’s still an easy drive to the city.

“Closer to the centre, location still tops the list for downsizers with proximity to shops, cafes, bars, restaurants and recreational options.”

McGregor says the walkable neighbourhood is preferred, but the rise of the electric scooter has provided more flexibility for getting around a precinct.

“It’s filled the gap between a place you can walk and one where you need a car,” he says.

McGregor says buyers are looking deeply into the builder provenance of townhomes and apartments before they commit.

“Due diligence definitely has a new and critical level of priority for buyers,” he says.

Alexander Smout of Belle Property Canberra Projects says investors are very active in the townhome and apartment markets.

“We’ve seen a lot of interest from Sydney buyers, especially around the new Red Hill development,” he says.

“Interstate investors see Canberra as a safe harbour – with its fundamentals of a government employer, low unemployment – and an even lower vacancy rate.”

Smout says whether buyers are after their first home, are downsizers or investors, there are many similar hot buttons.

“You can add generous living areas and bedrooms, and quality fixtures and fittings – and storage,” he says.

“And downsizers pretty well agree; they want single-level living with upstairs’ rooms for guests.”

Smout says a dedicated work from home space has become another priority since COVID-19.

Check out our top pick of townhouses for sale:

Turner

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Leafy Turner is a favourite location for downsizers looking for luxury living with proximity to everything.

This four-level, copper-clad townhome delivers on that promise with an architectural edge that sets it apart. But while it has a distinctive presence, it’s certainly at home among the oak trees of Forbes Street.

Let’s take a look, level by level. The basement offers two car parking with plenty of storage space. An internal timber-tread staircase leads to the upper levels.

The ground floor or street level offers a walk-up entry statement and front entertaining terrace, accessed via a low maintenance, landscaped and fenced front garden.

The interior is characterised by a polished concrete floor with comfort assured through in-slab heating.

Changing ceiling heights and the geometric zigzag of the connecting staircase provide visual interest in this light-drenched home.

The family communal space is offered through a central living, kitchen and dining area.

The kitchen enjoys bespoke timber joinery highlights contrasted against stone benchtops and a breakfast bar. The high-end appliances are integrated. There’s a smaller entertaining terrace to the rear.

The main bedroom is on the next level with its own living area, walk-through wardrobe, luxury ensuite with bath and a private balcony.

The top level offers three further bedrooms, one also with a private balcony.

Price guide: $1.349 million

Private sale

Agent: McGrath North Canberra, Sam McGregor 0401 097 907

Or try these:

Braddon

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Price guide: $950,000 +

Auction: 10am, June 19

Agent: HIVE Property, Bree Prince 0450 566 150

Turner

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Price guide: $1.7 million +

Auction: Noon, June 12

Agent: McGrath North Canberra, Craig Chapman 0408 118 519

Red Hill

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Price guide: $1.7 million +

Auction: 5pm, June 17

Agent: Belle Property Canberra, Alexander Smout 0421 148 706