House listings soar in certain Canberra districts

Spring is noted as the season to activate buyers and sellers. Perhaps you’ve been vying to purchase for a number of months but the tightly-held nature of the area has made it impossible, but almost overnight, ‘for sale’ signs pop up simultaneously. An increase in listings within a specific area could be due to the dynamics of market behaviour as well as other influences. This can prompt concern for some and for others an opportunity that creates choice and even bargaining power.

The volume of new listings has been mixed across Canberra’s districts, with some areas experiencing a dramatic boost while other areas have fallen. The inner south had the largest improvement with 65 houses (including townhouses) listed for sale during the September 2017 quarter, soaring by 41.3 per cent compared with the September quarter of 2016.

Vendors in Tuggeranong were also sparked into action, with 269 houses listed for sale during the September 2017 quarter, recording a rise of 14 per cent compared with the same period last year. Gungahlin was the only other district to record an annual growth in listings, rising by 3.1 per cent to 266 houses presented for sale.

The upbeat nature of listings within these regions could be the start of the spring effect, coupled with vendors reacting to the strong house price growth and making the most of buoyant market conditions. An astounding nearby sale that smashed price expectations can cause a ripple effect and become the impetus to list for some vendors who were perhaps undecided.

The number of new house listings has dwindled in the final four Canberra districts. Weston Creek encountered the largest fall with 77 houses listed during the September 2017 quarter, 37.9 per cent behind the same period in 2016. Vendor activity slipped in Woden Valley by 4.2 per cent to 91, in Belconnen house listings were down by 2.2 per cent to 261 and in the inner north down by 1.2 per cent to 82 houses listed.

The varied result in vendor behaviour across Canberra’s districts is somewhat anticipated, reflecting the differing impacts of development, market dynamics and even the areas considered to be tightly held. Overall new listings rose marginally during the September quarter. The true strength of vendor activity will be seen as spring unfolds, as homes are listed in time to secure a sale before the holiday season. I’m anticipating a spring performance that surpasses last year.