Agents weigh in on 2019 property market predictions

While Domain has predicted price growth in Canberra in 2019 of just 4 per cent for detached homes and half that for apartments, local agents, however, believe certain areas have the potential to defy the odds.

Nicky Symon of Ray White Canberra says the Woden Valley and Inner South tend to be quite resilient.

“I’ve found Garran and Hughes attract strong buyer interest through all market cycles,” she says. “They’re near Manuka and Kingston, but more affordable – and they’re close to excellent schools, shops and the hospital. I expect these suburbs to outperform in 2019.”

Symon says demand will be focused on family homes.

“We are continuing to see strong demand. Low interest rates make a compelling case for families to step up the property ladder,” she says.

“That’s a trend we expect to continue.”

Justine Burke of Luton Properties Weston Creek and Molonglo Valley says properties with buyer fundamentals in place would likely continue to be in demand.

“Buyer interest is strongest in homes that are well-presented, sit on big blocks and are close to schools and shops,” she says.

“Weston Creek represents good value for money and often at a price advantage over, say, the Woden Valley.”

Burke says buyer interest is already running high.

“There’s the annual movement of people being transferred into the ACT and we’re also experiencing a high level of online interstate inquiry,” she says.

Both agents believe apartment prices will come under pressure, but that rental demand will remain high.

• Location. It’s a truism. Price-growth resilience is often built into those long-established and sought-after areas with the inner south and the inner north likely to lead the way. Location. Location. Location.
• Big blocks. The older areas are usually characterised by homes sited on big blocks. Make no mistake, buyers place a premium on the value of rare earth – and lots of it.
• Amenity. Can the kids walk or cycle to school? Where are the closest shops? Is it a walkable neighbourhood with easy access to nature? Close to public transport or easy access to everywhere?

Top pick of homes on the market:

GRIFFITH

5 Wells Gardens

Price guide: $1.6 million +

4 bedrooms, 3 bathrooms, 1 car space

Griffith is one of those prized inner-south suburbs that seems to enjoy consistent price growth, regardless of the mood in the broader economy.

Four reasons behind that stability are location, big blocks, quiet, leafy streets and tons of character homes.

And 5 Wells Gardens is a prime example of how a charming 1940s cottage can be transformed to meet the needs of a modern generation.

Located on a very quiet loop street, this now 230-square-metre home has been realised through a meticulous extension combined with award-winning interior design.

The two-storey home has retained or replicated many of the features that highlight character homes including vaulted ceilings, an imposing Jarrah staircase, bay windows, open fireplace and bifold doors.

The hub of the home is a chef’s kitchen with Caesar stone benchtops, Zip water system, two Miele under-bench ovens, an integrated fridge and dishwasher and an induction cook-top.

And there’s no shortage of amenity throughout the rest of the home with four bedrooms, a reading room (or nursery), study, attic playroom and a powder room with shower.

There is a strong visual connection with the professionally landscaped garden that surrounds a 15-metre, lagoon-style, solar-heated pool.

A freestanding 72-square-metre studio with water and power sits at the rear of this 1014-square-metre block. It could be converted to a wide range of uses including a teenager retreat or home business.

Auction: 2pm, February 9

Agent: Ray White Canberra, Nicky Symon 0418 285 797