Positive real estate stories are scarce. Prices are falling across the country, including two consecutive quarters of decline in Canberra.
The report shows a different story playing out in comparable prestige suburbs in other capitals. In Sydney, Wahroonga’s median house price dropped 6.8 per cent over the past year, while Killara fell 5.4 per cent. In Melbourne, Camberwell recorded a 12.7 per cent annual decline and is down more than 8 per cent over the past five years.
The report shows a different story playing out in comparable prestige suburbs in other capitals. In Sydney, Wahroonga’s median house price dropped 6.8 per cent over the past year, while Killara fell 5.4 per cent. In Melbourne, Camberwell recorded a 12.7 per cent annual decline and is down more than 8 per cent over the past five years.
“Deakin has certainly bucked the trend regarding sale prices,” said Mario Sanfrancesco from Blackshaw Manuka.
“If you take a drive through Deakin, you’ll see a constant flow of activity and building, with a number of older, larger homes being extensively renovated.”
The type of buyer is also important. “Deakin is outperforming other suburbs because the buyers at this level are largely equity-rich upgraders, families and downsizers who are far less exposed to rate rises and tighter borrowing capacity than first-home buyers and investors further out,” said Jason El-Khouri of Hive Property .
“It’s one of the most tightly held suburbs in Canberra. Supply remains relatively thin. When a quality home comes up, the right buyers still compete hard for it,” he added.
Part of it is also a numbers game. Deakin records only around 60 house sales a year, so a few results above $4 million can move the needle significantly.
Part of it is also a numbers game. Deakin records only around 60 house sales a year, so a few results above $4 million can move the needle significantly.
“Two newly built, high-end homes had sales totalling close to $15 million. This has certainly helped the median sale price of the area,” said Sanfrancesco.
Lucy Jones Lucy Jones has been a journalist, freelance writer and magazine editor for almost two decades. She specialises in luxury travel, cruise, food and wine, and property.
Why Forde is one of Gungahlin’s most sought-after suburbs
This Canberra suburb offers the lifestyle every family wants.
Dreaming of a tree change? This Cooma property comes with mountain views and a pool
This Cooma property is proof a tree change doesn't mean compromising on luxury.
Brand-new Paul Tilse-designed home hits the market in Deakin
A rare turnkey home brings modernist flair to Deakin.
The information on this website is intended to be of a general nature only and doesn't consider your objectives, financial situation or needs.
