This house at 21 Mountain Circuit is among the houses in Calwell on the market. Photo: Supplied Homeowners located in Calwell will welcome a modest rise to home values.
Based on the latest sales data from Allhomes, house prices rose by 3.9 per cent annually to reach a median sale price of $530,000. It’s a jump of $20,000 compared to the median sale price the year prior.
Prices may be rising in Calwell but they are below the price for the region, sitting roughly $100,000 below the current house price for Canberra and Greater Queanbeyan. This figure alone is what most first homebuyers dream of saving for a home deposit.
Demand in the suburb has eased this year. This is not a surprising result considering all of the property transactions in Calwell over the year-to-date were detached family homes. This decline is a trend that resonates across the region, as demand for detached houses across Canberra and Greater Queanbeyan has weakened. Demand declined by 11.6 per cent to 61 properties sold.
Demand may have mirrored the regions trend but supply moved in the opposite direction. This year the supply of detached homes across the region has been dwindling but the supply in Calwell did the opposite – supply rose. Over the year-to-date 94 properties were listed on allhomes.com.au, an increase of 14.6 per cent compared to last year, or an additional 12 properties to hit the market.
Vendors are finding properties are spending a similar amount of time on the market, even despite the rise in supply. Properties sold from the beginning of January to the end of October took just under ten weeks to sell, only three days fewer on the market compared to last year. A surprising result under the current market conditions where demand is lower and supply higher.
The majority of transactions were sold by private treaty rather than auction. One in every five transactions over the year-to-date successfully sold under the hammer. Auction activity is low in the suburb, but the success rate has doubled compared to last year where only one in ten sold under the hammer. The auction market has been building momentum across the region. As more homes sell under the hammer compared to last year, Calwell is no exception.
Nicola Powell is a property expert for Allhomes. Twitter: @DocNicolaPowell. The MIX106.3 Real Estate Show, Saturdays, 9-10am.