The growing demand for prestige properties in suburban Canberra

Million-dollar-plus homes were once the province of the prestige suburbs of Canberra’s inner south.

Many of those are now shifting into their second million and beyond, prompting many buyers to look for quality homes in accessible locations that offer great lifestyles and value.

That mind shift is now producing million dollar plus sales in previously unheralded suburbs – from Bruce to Gunghalin.

And it’s pushing the sticker price along in locations like Harrison, Crace and Bonner. That trio alone have increased in value between 62 per cent (Bonner) to 105 per cent (Harrison) in just five years.

All Homes data scientist, Nicola Powell, says more suburbs are pushing into seven figure sales due to an environment of low interest rates and strong price growth.

“Suburbs that might once have been considered less fashionable are being increasingly sought-after because of the value they represent,” she says.

“These outer suburbs are typically characterised by big blocks and new homes. That combination and proximity to schools, shops and transport routes can see faster them gentrify faster as they become increasingly more desirable places to live.”

Dr Powell says relocators from Sydney and Melbourne also have an influence in prices.

“They just can’t believe the value, how much more they can get for their money in Canberra, along with a great lifestyle,” she says.

“It’s a bargain by comparison.”

Andrew Lonsdale, of Ray White Belconnen, says million dollar plus sales in the outer suburbs are a sign of a maturing Canberra market

Aranda and Bruce are choice selections because of their easy access to the city and a choice of highly regarded schools like Radford College.

“The challenge is supply. There’s just not enough of the right type of homes coming onto the market, ” Lonsdale says.

“When they do, then it becomes a competition to acquire it and that’s when we see prices take a jump.

“We’ve seen million dollar plus prices in Cook (for the first time) along with Bruce, Weetangera and Hawker,” Lonsdale says.

The Ray White agent says there’s a long list of buyers looking for family homes, renovated homes, homes that offer “multi-generational” living and even knock downs.

“We’ve seen prices of $1.1 million paid for a home and the buyers had it earmarked for demolition and a new build,” Lonsdale says.

He says Giralang and McKellar are two suburbs to watch for future prices increases.

Maria Selleck, of Maria Selleck Properties, has achieved record prices in two suburbs recently. A home in Weston sold for $1.55 million and one in Amaroo for $1.4 million.

“There’s a shortage of quality homes and high demand definitely leads to higher prices,” she says.

“Buyers are very educated these days and know what they are looking for. They are well aware of the features that enhance a home’s value, particularly where it is located.”

Selleck says the Monglonglo Valley, while still relatively young and not fully developed, is an area to watch.

“Being further out doesn’t mean lesser quality homes. The price of land demands a reasonable investment in the build and those homes can grow in value faster in the right locations.”

Outer suburbs with million dollar prices in the last 12 months:

Gungahlin: Ngunnawal, Nicholls, Franklin, Crace, Casey, Harrison, Forde, Hall.

Molonglo Valley: Coombs, Denman Prospect, Wright.

Tuggeranong: Isabella Plains, Conder.

Suburbs to watch

• Cook – Considered a “sleeper” for million dollar plus sales, recording its first this year. Great location.
• Crace – Over the last five years, has seen its home values rise by an impressive 66.7 per cent.
• Ngunnawal – Often a first homebuyer option, but the right position and a quality build could pay longer term dividends.
  

Ideal for a growing family

Cindy and Peter Groeneveld have strong ties to the Gungahlin region going back some 15 years.

It was no surprise, then, when it came to moving on from a home in Harrison about seven years ago they wouldn’t be looking too far afield.

“We pretty much move every five years and we wanted a block that was big enough for a growing family,” Cindy says.

They settled on an elevated 921-square-metre lot on Winchester Street in Casey and set about building their third home, one that would have big indoor and outdoor spaces.

The resulting four-bedroom, two bathroom, split level house has achieved all that and some – with a beautiful outdoor living area highlighted by a travertine surrounded-pool with mountain views.

“Casey is a great place to live – it’s close to shops, schools, sports fields and easy to get everywhere else,” Cindy says.

“A lot of quality homes have been built and prices seem to jump a lot after Casey Market Town opened.”

Cover property

This spacious Winchester Street home is emblematic of the rise of the million dollar-plus homes in Canberra’s more spacious and nature-surrounded residential areas.

And it’s a package that’s hard to better with unrivalled lifestyle, location, amenity and convenient access to schools, shops and many other parts of Canberra.

Sited on an elevated 921 square metre block, one of the largest in Casey, this light-filled 300 square metre-plus home enjoys stunning mountain and Gungahlin region views.

Its thoughtful, split-level design provides a visual sense of separation for a formal lounge and parents’ retreat, providing privacy from the common living areas including a stunning chef’s kitchen with integrated appliances, dining, family, rumpus and bedrooms.

Other features include high ceilings, a two-way gas fire, triple glazing to windows on two sides, zoned in-slab heating, video intercom to all rooms and a ducted vacuuming system.

The outdoor entertaining area delivers a touch of Hollywood with a stunning, self-cleaning pool set amid travertine tiled surrounds, a decked meals area and low maintenance landscaping.

Inspect: Saturday, May 20, from 2pm-2.45pm. Agents: Edward Duran, Tabish Ali, InStyle Estate Agents Canberra, 0403 737 614, 0433 226 493.