Development at West Macgregor in 2014. Photo: Graham Tidy Buyers are making the most of the lower property prices in Macgregor. As prices soars across Canberra and greater Queanbeyan, the suburb of Macgregor offers better value for money, particularly for first-time buyers who are after a detached house.
The price of a home in Macgregor is a staggering $159,000 below the current house price of $609,000 for the Canberra and greater Queanbeyan region. The price difference alone could buy a unit in some suburbs in the region.
According to the latest Allhomes data, house prices in Macgregor bucked the trend that is being seen across Canberra and greater Queanbeyan by declining 2.2 per cent over the year to reach a median sale price of $450,000 based on sales from January 1 to the end of September. This is $10,000 less than in the same period last year.
Detached homes make up most of the property in Macgregor with 82.2 per cent of transactions over the first nine months of the year being homes. Townhouses make up the rest of the property type. Townhouses are becoming a popular urban infill across the region, offering not only a lower entry point but also garden space to buyers who cannot afford a detached house.
Annually, townhouse prices remained stable in Macgregor but they came in at a fraction of the price of a house at $335,000. Those buyers looking to get a foot onto the property ladder will welcome the lower prices the suburb has to offer.
Demand remains relatively steady in Macgregor. Over the first nine months of the year, 101 properties sold compared with103 during the same period last year. Supply tightened by 11 per cent to 101 properties listed for sale on allhomes.com.au from January 1 to the end of September. This lower level of supply has helped to shave a week off the time spent on the market, with vendors finding that properties were sold on average in 63 days.
Macgregor is a suburb to watch, as it is likely to change as the ACT expands to include cross-border suburbs. The first cross-border suburb will sit to the west of Holt and Macgregor, forming a central part of the district’s growth.
Nicola Powell is a property expert for Allhomes. Twitter: @DocNicolaPowell. The MIX106.3 Real Estate Show, Saturdays, 9am-10am.