The new inner north: vibe and character driving demand

Renovated heritage homes, impressive knockdown-rebuilds and some of the coolest shopping and restaurant precincts in Canberra have seen the inner north become one of the territory’s property hot spots.

Once the domain of the small working-class cottage, sprawling mansions and spectacular transformations of the inner north’s original homes have seen million-dollar sales become the norm. Despite the rising price tags, the district remains a more affordable option than the inner south, however that’s not the only thing drawing people to the area.

It has a character that can’t be found anywhere else in Canberra, Luton Properties Dickson agent Holly Komorowski says.

“It has a fantastic energy and vibe – everyone loves living there,” she says.

“There’s so much choice on offer for the cosmopolitan lifestyle. The developments and vision for the city and integration of city dwellings are exciting.”

New trendy precincts and the evolution of Braddon have also helped to drive demand for a slice of inner-north suburbia.

LJ Hooker Dickson principal Stephen Bunday says residents can live on a quiet leafy street and still be on the fringe of the action.

“The whole face of the inner north has changed,” he says.

“The demographics have changed a lot. There are a lot of well-to-do young couples buying in the area, and those looking for their second or third home are doing knockdown-rebuilds.”

The parcels of land – which are about three times the size of those being sold in Canberra’s newer suburbs – are large enough to accommodate the most ambitious project, whether that be a large family home or expansive gardens complete with a large vegie patch and chicken run.

BORIS. director Boris Teodorowych says more high-income earners are looking to invest in the inner north and are predominantly doing knockdown-rebuilds.

“The people looking for knockdowns in the inner north are either looking for blocks close to the shops and schools or are seeking that perfect position in the heights, with views, on a generous parcel of land,” he says.

“They are looking to build their dream home, with a view to stay long term. Million-dollar builds are not uncommon in 2016, particularly in Turner, Campbell and O’Connor.

“Discerning purchasers wanting to live on the north side get a lot of bang for their buck compared to the inner south.”

There’s also something to suit every taste. Alongside the knockdown-rebuilds, many heritage-listed homes have been given a modern makeover.

“I have sold the top three sales in Ainslie,” Komorowski says.

“They were fully renovated homes, all different and creatively modernised; a mid-century modern style, a heritage home with a contemporary extension and one of the 12 original McIlwraith Street (now Duffy Street) reinvented into a spectacular modern residence.”

Whatever your preference, it pays to watch the market. Bunday says stock levels in the inner north are “ridiculously low” and have been for the past year.

“There are only four properties being actively marketed in Ainslie at the moment and it’s a big suburb with 1700 houses,” he says.

“It comes down to supply and demand – there is not enough stock at the moment.”

Demand is likely to remain high in the inner north with new developments making the area even more desirable.

“In five years time it will be a different place,” Komorowski says.

“The City to the Lake vision, C5 development, Ainslie Avenue redevelopment, Braddon precinct, NewActon and rejuvenated local shopping centres – suburbs like Reid, Braddon, Campbell and Ainslie have you living right in the centre of it all.

“Buyers are recognising this and the secret is catching on fast.”

Inner north’s top selling suburbs

• Campbell – Campbell set the record for the entire inner north when a magnificent property at 14 Garsia Street sold for $2.33 million in 2014. The suburb, which has a median house price of $1.16 million, has recorded five sales above $2 million. Prices have risen 28.3 per cent over the past 12 months.
• O’Connor – O’Connor cracked the $2-million mark twice last year and the suburb record is $2.2 million. The median sale price is $855,000 – a $100,000 or 13.2 per cent rise over the past year.
• Reid – The average house in Reid will set you back more than $1 million and single residential homes are tightly held – just eight houses have sold in the past 12 months and there are just two freestanding homes on the market. Two homes have sold for $1.9 million.
• Ainslie – Prices have risen sharply in Ainslie, with the suburb’s top 10 transactions all taking place in 2015. The suburb record is $1.8 million and median sales price is $876,000. Prices have grown 24.3 per cent over the past 12 months.
• Turner – In a suburb comprised mainly of townhouses and units, freestanding homes in this peaceful, leafy suburb are highly sought after. Just 11 houses were sold in Turner in the past 12 months with a median sales price of $1.39 million and a top sale of $1.85 million. The median price was a huge 45.8 per cent higher than the previous year.

Rise of the rebuild

Phil Wiley has spent most of his life in the inner north and has watched – and helped to shape – the area’s transformation.

The owner/operator of Country and Heritage Timber Floors has worked on many of the district’s renovations and knockdown-rebuilds as a part of several inner north-based businesses.

From restoring original timber floors and extending heritage homes, to the complete knockdown-rebuild, Wiley has seen requests change in the area.

He says people are now more likely to devote those big blocks of land to larger homes and low-maintenance gardens. The knockdown-rebuild is more popular than ever.

“We’re seeing more people starting again with a full new set of plans,” Wiley says.

“Concrete slabs for the energy rating, hydronic heating, open-plan living areas and high ceilings are big ticket items in the inner north.”

Wiley says heritage-listed homes are still popular, but potential buyers should be aware of the restrictions if they are hoping to renovate.

He built his own brand new home in Reid with all the modern inclusions, however it features a classic facade inspired by the heritage homes of the suburb.

Wiley says he wouldn’t live anywhere else in Canberra.

“I’m a big advocate of the inner north – I just believe in it,” Wiley says.

“The area is very well established with leafy trees, there’s an abundance of mountains, bushwalking is accessible and you’re within close proximity to the bustling precinct of Braddon.”

A rare thing of beauty

25 Quandong Street, O’Connor
$2 million-plus

Quandong Street’s oak canopy, elevated position and sweeping treetop views exemplify inner-north living at its finest. This four-bedroom home at No.25 is a rare find in this tightly held area.

Designed by Adam Hobill and constructed by Creative Builders, it boasts an attractive, modern facade unfolding to a sun-filled entrance complete with a 5.5-metre-high ceiling, grand Sydney blue gum staircase and feature chandelier.

The staircase leads up to sprawling formal and informal living areas, all flowing through tri-fold stacker doors to alfresco entertaining spaces.

The kitchen is well appointed with the full suite of Miele appliances, a Carrara marble splashback, built-in garbage chutes to the garage and soft-close joinery. It overlooks the family room with an integrated TV and surround sound.

A formal living area with a wet bar and a rumpus room or home theatre will cater for all occasions.

Summer and winter entertaining is covered with a sparkling swimming pool and a Balinese-style fireplace alfresco area. All indoor and outdoor entertaining areas, as well as the master suite, are hooked up to a sound system.

Three spacious bedrooms with built-in wardrobes are situated on the main floor, while the master suite occupies the upper level with a huge walk-in wardrobe and luxurious en suite.

No.25 Quandong Street is for sale by negotiation. Phone agent Boris Teodorowych on 0402 907 182. EER: 5.5 Inspect: Saturday, 1.30-2.30pm; Sunday, 3-4pm, and Monday 11am-noon.