Home and apartment prices down but spirits high in Canberra's inner south locations
Domain data points to a dampening of home and apartment prices in the dress circle locations of the inner south, but leading agents say their experiences offer a different picture.
Richard Luton of Luton Properties says a drill down into the specifics of the figures might reveal examples of any price impacts.
“There’s a variety of activity going on – from the prices on knockdown homes in, say, Yarralumla, Deakin and Narrabundah through to the sale of quality homes in Forrest and Red Hill,” he says.
“Then there’s the volumes of homes available in different price bands – for instance, the number of homes that are available above $2 million begins to taper.”
Luton says, generally, demand in the inner south remains strong with a continuing level of inquiry from local buyers looking to upgrade and interstate buyers wanting to relocate.
Mario Sanfrancesco of Peter Blackshaw Manuka agrees on the general strength of the inner south market.
“Our experience is of strong demand across the board, but that buyers are becoming more discerning above the $2 million threshold,” he says.
“These buyers may well be considering their third or fourth home. They really know what they want and they’re not willing to compromise.”
Sanfrancesco says that approach could influence sales data with buyers staying in the market longer until they find their dream home.
“We’re also seeing a very strong demand in the apartment market for larger, three-bedroom dwellings with even the older, two-bedroom dwellings still performing well,” he says.
Inner South keeps its crown
- Home prices. Domain data indicates the inner south median home price has dropped 3.3 per cent over the past 12 months to $1.25 million. Agents say quality properties still commanding strong prices.
- Apartment prices. Data also points to inner south price drops of 6.5 per cent to $519,450. Agents say demand is still strong with certain dwelling types and locations impacting median price.
- Still on top. Despite data pointing to a dampening of prices, the inner south still wears the crown as the ACT’s most expensive location for detached homes and apartments. Agents predict continuing demand.
Top pick of inner south homes currently for sale:
Griffith (also pictured above)
Price guide: $1.75 million+
4 bedrooms, 2 bathrooms, 2 car spaces
Nothing says Griffith more than a traditional home, packed with character features on a generous, old school quarter-acre block.
And this grand four-bedroom gem on Captain Cook Crescent has more presence that most and announces itself through a gated, circular driveway.
This generously-sized home has been sympathetically renovated and extended and will not disappoint.
High ceilings throughout, formal living and dining rooms, three fireplaces and several sets of french doors are among the welcome character features.
And nowhere is the injection of modern influences more noticeable than within the central kitchen, highlighted by stone benchtops and European appliances.
Bedrooms are sizeable with the master enjoying a luxe marble en suite and in-slab heating. There’s also a private courtyard.
The standard of fitting continues in the family bathroom, also including under-floor heating.
Outdoor living is enhanced by the privacy offered by carefully landscaped grounds, level lawn and sculpted hedging.
The piece de resistance is an in-ground salt water swimming pool that’s bound to be a family summer-time favourite.
Other features include a double car garage, workshop and garden shed, vegetable garden and fruit trees and two water tanks. There’s also a back-to-base security system and two electric hot water systems.
Of course, the home is within walking distance to schools, Griffith and Manuka shops and close to the parliamentary triangle and Lake Burley Griffin.
Auction: 11am, November 17
Agent: Luton Properties Manuka, Richard Luton 0418 697 844
Or try these:
Price guide: $1.8 million +
4 bedrooms, 3 bathrooms, 2 car spaces
Price guide: Low-mid $5 million
5 bed 3 bath 2 parking
Price guide: $1.79 million-$1.89 million
4 bedrooms, 2 bathrooms, 3 caar spaces
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