The supply of new listings on allhomes.com.au dropped across every Canberra district and greater Queanbeyan. Photo: Graham Tidy Housing activity normally jolts into action as spring approaches but it hasn’t been the case this year.
The supply of new listings on allhomes.com.au dropped across every Canberra district and greater Queanbeyan. It is no wonder house prices have forged ahead over the quarter as the supply of new stock dwindles. House prices made a 0.9 per cent improvement over the quarter to reach a median sale price of $609,000 in September, jumping 4.9 per cent across the year.
One district appeared to be affected more than any other. Gungahlin saw vendor activity dip annually by a staggering 26 per cent to 232 houses listed for sale over the September quarter, 81 fewer properties.
The inner north was not far behind, with activity dropping by 22 per cent to 82 houses listed for sale. This was only the equivalent of 23 fewer homes on the market, however, in a small market this drop can have a huge impact.
Housing activity may have plummeted but the Gungahlin unit market has steamed ahead. The number of units listed on the market soared by almost 40 per cent with 122 units listed for sale during the September quarter, compared with 88 last year. Gungahlin and the inner south were the only districts to record an increase in unit supply.
The controversial debate over the light rail project has created a buzz in the Gungahlin property market. This is particularly the case for the suburbs within the light rail corridor. Significant investment into the major infrastructure project has certainly ignited development along the proposed corridor, evident in Gungahlin and the inner north. The leap in unit supply in Gungahlin over the last quarter illustrates this.
This increase in supply is a positive for tenants. Units make up the largest sector of the rental market. With the rental catchment area of university students and professionals working in the city concentrated in the inner north, some tenants could start to look further afield in Gungahlin, as light rail shortens commute times.
Nicola Powell is a property expert for Allhomes. Twitter: @DocNicolaPowell. The MIX106.3 Real Estate Show, Saturdays, 9am-10am.