The suburb selling faster than most in Canberra’s south

While properties in Canberra’s Inner South are facing extended time on the market – they currently average around 62 days to sell compared to 41 days in Tuggeranong and 38 days in Weston Creek – one suburb in the region is yielding impressive sales numbers.

This month alone, Narrabundah, known for its leafy streets and the divisive presence of peacocks, has experienced multiple sales over its median house price, which Domain data places at $1.265 million.

The two four-bedroom homes at 6 Caley Street and 10 Johnston Street sold for $1.6 million and $1.7 million, respectively, despite only entering the market in January.

Sophie Luton of Luton Properties Manuka currently has 34 listings in Narrabundah and said that, despite some instances of longer market times, strong offers were coming in right across the Inner South.

“I have had five properties under offer this week alone, even though I have been working with them for several weeks,” Luton said. “That timeframe is probably tipping on the longer side, but you have to work with buyers because they do want to transact.”

For buyers who want to get into the Inner South market, Narrabundah’s median house price of $1.265 million makes it a more affordable proposition than neighbouring suburbs such as Red Hill, which currently has a median of $2.05 million.

Canberra’s housing market held steady in the December quarter, but there are high hopes that a highly anticipated Reserve Bank interest rate cut next week could boost the number of homes on the market.