Housing activity steady in Weetangera as large blocks draw buyers

Housing activity remained steady in one of Belconnen’s most expensive suburbs. Over the first 10 months of the year 28 properties sold in Weetangera, only one additional transaction compared to the year prior. The price point of a detached family home in Weetangera is currently $802,500. This is $267,500 above the district price of $535,000. Charnwood had the lowest price point for the district with a median sale price of $410,000 based on homes sold during the first 10 months of the year.

An extra six vendors listed property for sale on allhomes.com.au compared to the year prior, with 35 properties listed during the first 10 months of the year. Even though supply has risen, confident buyers have snapped up properties quicker. This year on average properties spent almost seven weeks on the market a marginal fall of two days compared to transactions the year prior.

Buyers across the region have been purchasing more properties under the hammer. Weetangera buyers have followed this trend, with just over half of transactions sold by auction.

Buyers are drawn to the large blocks on offer in Weetangera. Larger blocks obviously attract a higher price point. The average block size of houses transacted over the year-to-date is 873 square metres compared to the district average of 720 square metres. Detached homes accounted for four out of every five properties sold. Large homes complement the large blocks. Of the homes sold over the first 10 months of the year almost 80 per cent contained four or five bedrooms.

As the remediation of blocks containing loose fill asbestos has begun, it has created the opportunity for buyers to purchase a blank canvas located in an established suburb. Seventeen homes have been identified in containing loose fill asbestos as part of the ACT Government buyback and demolition program. Three of the 17 blocks have already been demolished, remediated and sold. All three blocks of land offered for sale this year were around a quarter acre. These large parcels of land attracted strong selling values significantly above the current published unimproved value. Due to the substantial parcels of land, each block sold this year has the potential to be subdivided. It is expected when the remaining blocks are offered for sale they will be highly desired.

Nicola Powell is a property expert for Allhomes. Twitter: @DocNicolaPowell. The MIX106.3 Real Estate Show, Saturdays, 9-10am.