Taylor has emerged as a Canberra hotspot for buyers seeking new family homes

The flourishing suburb of Taylor has emerged as the most expensive suburb in Canberra per square metre as demand for brand-new quality family homes intensifies.

According to Domain’s End of Year Wrap 2023 report, the suburb has a selling price that equates to $2632 per square metre on an average 426-square-metre block and a median house price of $1.055 million.

Established in 2017, the thriving suburb is about four kilometres from the Gungahlin Town Centre and 16 kilometres from Canberra’s CBD.

The figure for Taylor was closely followed by Watson, which costs $2601 per square metre with a median house price of $1.064 million on an average 566-square-metre block.

VERV Property’s Jason Roses recently sold the properties at 2 and 6 Esplin Street, Taylor for $1.22 million a piece, with the brand-new five-bedroom, three-bathroom residences originally for sale at $1.19 million-plus.

Both homes were on 482-square-metre blocks.

Roses says VERV Property has sold four properties in the street, all to private investors.

“They were appealing as the floor plans were quite unique and allowed for potential dual occupancy,” he says.

“Homes in Taylor are generally leased at higher rents than what they would achieve in older suburbs, so the returns are higher, making them more appealing.”

Roses says Taylor is a sought-after suburb full of large, well-designed homes benefitting from all that a new suburb provides.

The Domain report indicated that home buyers want so much more from their homes, such as a view and the added lifestyle luxury of a pool, which were the top keyword searches for the year.

The most popular property combination based on sales was a four-bedroom, two-bathroom family home with a double garage.

According to the report, Canberra overall is still in recovery mode compared to the rest of the country, with weaker conditions evident in the smaller capital cities of Canberra, Hobart and Darwin.

These cities are in recovery, although as Canberra was the final capital city to reach a price trough, it has the most to reclaim.

Canberra’s median house price is $1,050,575, while for units the median price is $554,266.

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