House Prices

The end of the year is upon us but the Canberra real estate market has shown no signs of slowing down yet.

Once upon a time, there was a tale of a city slicker who, fed up with skyrocketing property prices in the capital, decided to cash it all in and head to regional Australia in search of cheaper housing and a less stressful mortgage. But that was before the pandemic hit.

For many Canberrans, the holiday season isn’t complete without a pilgrimage to the big stretches of sand and water, while for others, it’s a quiet escape from inland life. 

The latest figures reveal Australian housing values edged upwards in November, but at their slowest rate since January.

The pandemic has put what once were secret beach locations on the map, drawing out buyers and pushing up house prices.

The sprawling tennis court estate smashed the Pymble suburb record by more than $2 million when it sold under the hammer on the weekend.

This segment of the market is hot property even for run-down homes, attracting first-home buyers and growing families as they try to get a foot on the ladder.

Clearance rates softened in Sydney, Brisbane and particularly Melbourne over the weekend, as buyers regained a little power in a market now offering more stock for sale than it has in months.

Fewer buyers are turning up at auctions and bidding is less frenzied as a rise in the volume of homes for sale emboldens some to make low offers.

A five-bedroom home in Gowrie was passed in and sold post-auction for $1.4 million.