Why Canberra apartment prices are holding steady
Canberra apartments have shown resilience in the face of falling median house prices, with units now standing at a median of $579,094, up a slim 0.5 per cent over 12 months, according to the Domain House Price Report.
Albert Stavaruk of Independent Belconnen says while the increase is slight, it points to a competitive appetite in the apartment market.
“It’s as much a factor of supply with less product currently coming to market because of factors in the building supply chain,” he says. “That’s keeping the pressure on prices.”
Stavaruk says apartments are often the dwelling choice for first-home buyers and downsizers.
“Both are choosing them for different reasons. They are affordable for first-home buyers and offer lifestyle benefits for older buyers,” he says.
“Apartments are often close to workplaces for younger buyers and are easy to lock up and leave for downsizers.”
Jeremy Grobben of The Property Collective says he believes there is an evolving attitude toward apartment living.
“Only five years ago, apartments were simply seen as an affordable dwelling option, but these days they are just as much a lifestyle choice,” he says.
“People are thinking more about how they want to live and apartments can free up much more time for travel, recreation, and leisure.”
Grobben says there are still some rules to follow to future-proof an apartment purchase.
“Location is just as much a factor and proximity to workplaces, retail and hospitality options will always be sought-after,” he says.
“And views are a welcome bonus.”
- Affordable: Apartments generally represent an affordable entry into the property market and the ACT offers a wide variety of choices, particularly around the CBD, town centres and boutique locations like Kingston and Braddon.
- Lifestyle: A decision to buy an apartment can be driven by a range of factors including proximity to workplaces, walkable neighbourhoods, lower maintenance needs and lock-up-and-leave flexibility.
- Choice: There’s a range of options for apartment buyers depending on wants and needs. There’s also a wide range of quality with high-end apartments costing as much or more than comparable houses.
Check out our top apartments for sale:
Kingston
There’s nothing like space and this Kingston sub-penthouse serves up more than 220 square metres of living – and a massive 122 square metres of outdoor entertaining.
This impressive package is completed with a lock-up triple garage and a position as just one of 46 apartments within a highly acclaimed, boutique complex. Perhaps that’s why it has been named, The Pearl.
This unique complex comprises only three-bedroom apartments with a high proportion of owner-occupiers. It is built around a huge internal courtyard while common amenities include a covered barbecue area, a 25-metre, solar-heated pool and spa plus a fitness room and sauna.
The floor plan has a unique oval-ish dimension with a central private lift entry. That opens into the massive living area with access to a balcony. Light and space are enhanced by high ceilings and double-glazed floor-to-ceiling windows.
The kitchen and dining are located adjacent with the latter able to seat 10. The kitchen features an island bench, Gaggenau appliances, a built-in coffee maker, a microwave, a side-by-side fridge freezer and a wine fridge. Concertina glass doors open onto a partly covered barbecue area.
The main bedroom suite is accessed from the living area and features a walk-through wardrobe and en suite bathroom with a free-standing bathtub. It also enjoys its own balcony with views towards Red Hill. Two other spacious bedrooms also feature built-ins and both have their own en suites.
The property is conveniently located, only a short stroll from the Kingston Foreshore where a trusty pub meal at The Dock or a hearty pasta dish at Molto Italian will surely fill your heart and belly.
Price guide: $2.2 million+
Private sale
Agent: Independent Belconnen, Matt Peden 0419 000 079
Or try these:
Dickson
Price guide: $989,000+
Private sale
Agent: The Property Collective, Jeremy Grobben 0412 552 751
Kingston
Price guide: $890,000+
Private sale
Agent: Belle Property Canberra, Tom Palmer 0439 567 852
Braddon
Price guide: $750,000+
Private sale
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