Canberra House Prices Rise as Owners Upgrade Amid Falling Interest Rates
Canberra's housing market sees a 1.1% increase in June driven by owners moving from apartments to detached houses due to lower interest rates. The shift is creating competition in the market, especially for properties up to $1.5 million. The trend is expected to continue with more buyers gaining confidence and sellers considering listing their properties.
Canberra apartment and townhouse owners are upgrading to detached houses as interest rates fall, boosting house prices by 1.1% in June. Cotality’s Home Value Index for June shows Canberra residential property rising 0.9%, with standalone houses leading the increase at 0.9%, while units and townhouses are up by 0.3%.
The Property Collective’s Jacob Stanton mentioned that upsizers and investors are selling medium to higher density properties in a crowded market. The interest in homes up to $1.5 million has increased due to softer house prices, making the shift from a unit to a house more competitive.
Interest rate cuts are creating urgency in the market, with more applications for pre-approvals indicating increased buyer interest. The rise in detached house prices in June brought the median price to $980,800, with annual growth in developing suburbs like Molonglo at 3.7%.
Nationally, Australian housing values rose by 0.6% in June, driven by falling interest rates. The market is expected to see further modest growth in 2025 due to lower interest rates, higher confidence, and low housing supply.
According to the source: Region Canberra.
What's Your Reaction?
Like
0
Dislike
0
Love
0
Funny
0
Angry
0
Sad
0
Wow
0
