'An air of optimism': How Canberra's property market is faring as we enter the spring selling season
Spring has arrived, and buyers have been quick off the mark to check out the new listings.
Nik Brozinic of Carter+Co, who lists this week’s Throsby feature property, says the early momentum has been expressed through increased appraisals, more stock and greater numbers at inspections.
“Warmer weather is definitely a factor; it gives a lift to garden presentation and gets people onto those to-do tasks around the home,” he says.
“There’s certainly an air of optimism, but that’s as much, in part, due to what might be perceived as more certainty, especially around the interest rate cycle.”
Brozinic says there’s a belief among buyers that rate increases may well have peaked – or be close to it.
“That’s engendered a new level of confidence around borrowing, buying and budgets,” he says.
Brozinic says the buyer interest is focused on new and turnkey homes rather than those needing work or knockdown-rebuilds.
Tim Burke of Luton Properties Weston Creek and Molonglo Valley says he has also seen the same boosts to key indicators.
“We just had one of our biggest weekends ever for groups going through vendor homes,” he says.
“The sweet spot for peak interest is definitely in the family home segment in the $1 million to $1.5 million range.”
Burke says buyers are prepared to make an offer or bid strongly if a home meets expectations.
Supply
The warmer months are bringing sellers back into the market as gardens bloom. It’s time to test buyer appetites. Turnkey and new homes are likely hot-button winners over those needing work.
Demand
Buyers are regaining confidence, believing interest rates have likely peaked. They are ready to re-enter the market with more certainty, and homes between $1 million and $1.5 million are in the sweet spot.
Forecast
If spring heralds the start of renewed market activity, then Christmas sits at the other end, with many buyers looking to get themselves settled and children school-enrolled before the holiday season.
Our pick of homes for sale:
Throsby
This Throsby gem oozes style, from its exterior bluestone cladding to an interior that showcases the latest in luxury fixtures and fittings.
The house sits on about 485 square metres opposite a nature reserve with panoramic Canberra views from the rear.
Inside, there are three living areas and four bedrooms – all with walk-in wardrobes, and three with en suites – set over two levels that deliver about 346 square metres of living space.
Highlights include soaring, six-metre ceilings, an electric fireplace, cedar accents, and a chandelier.
A generous living area sits on the lower level, along with one of the bedroom suites, a central kitchen, dining and family zone, a mudroom and a laundry.
The kitchen hub showcases dark joinery and pendant lights. It also features stone benchtops, a big gas cooktop, quality appliances and a roomy butler’s pantry.
Upstairs – highlighted by a cedar ceiling – hosts a further living area with those sweeping views.
The remaining three bedrooms are up here. The en-suite bathrooms have underfloor heating and stone-topped double vanities.
The home is completed by a double garage that’s future-proofed with a car charger.
This feature is part of an Allhomes Deluxe package.
Auction: 12pm, September 9
Agent: Carter+Co, Nik Brozinic 0400 280 728
Weston
Price guide: $975,000+
Agent: Luton Properties Weston Creek and Molonglo Valley, Tim and Justine Burke 0411 878 587
Kingston
Price guide: $1.825 million+
Agent: PURNELL, Nick Purnell 0401 043 142
O’Malley
Price guide: $1.599 million+
Agent: Hive Property, Bree Prince 0450 566 150
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