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A record-breaking year for Canberra property: 36 suburb records smashed

Record sales across ACT suburbs
The ACT districts of Belconnen, Gungahlin and Weston Creek led the pack for new house price records.

More than one-third of Canberra’s suburbs had their highest ever residential sale in 2016, with records falling across all of the city’s districts.

Records were smashed in 36 suburbs – an indicator of the fiercely competitive market’s shortage of stock, according to Allhomes data scientist Nicola Powell.

“In a market where you have rising prices you expect to see records being broken, but this is above what we’d anticipate,” Dr Powell said.

12 Hunter Street in Yarralumla sold for $5,475,000 in November.12 Hunter Street in Yarralumla sold for $5,475,000 in November. Photo: Supplied

Historically low interest rates may have been a contributor to the strong sales, Dr Powell said, as buyers chose to upsize while borrowing money was more affordable.

Dr Powell said records set across each of Canberra’s districts indicated that all levels of the market experienced growth.

Belconnen was the year’s high achiever with almost half of its suburbs achieving a record price. The district’s 11 suburb records demonstrated growth across all price points.

Evatt, Kaleen and Lawson cracked the million-dollar mark for the first time, while sales in Weetangera and Hawker topped $1.5 million.

Holt, Scullin and Florey achieved new suburb records of $742,000, $790,000 and $815,000, respectively, which were closer to the ACT-wide median house price of $661,912.

Luton Properties Belconnen agent Tim McInnes sold record-breaking properties in Evatt, Weetangera and Scullin and said demand was outstripping supply in Belconnen.

“People are seeing the value that’s on offer in Belconnen and that demand has been positive for sellers,” Mr McInnes said.

“As Canberra continues to grow outwards the Belconnen region has become much more central.”

The inner south’s Yarralumla was the standout suburb of 2016. A palatial house at 16 Brown Street smashed the suburb record by $750,000 when it sold for $3.95 million in June. The sale also marked the highest auction result on record for the ACT.

However, both of these records were broken again when 12 Hunter Street sold for a whopping $5,475,000 at an auction in November.

Peter Blackshaw Manuka agent Mario Sanfrancesco sold the record-breaking Yarralumla property and also achieved record sales in Chifley, Lyons and Narrabundah.

He believed the spate of suburb records was driven by “an overall active market and a shortage of good properties”.

In addition to the record sales, Mr Sanfrancesco said there were a number of strong results throughout the year that weren’t necessarily record breakers.

“There were a number of instances where properties sold for hundreds of thousands of dollars above expectations, which in some suburbs can be a life-changing result,” Mr Sanfrancesco said.

Dr Powell said she expected that interest rates would start to rise again in 2017, however demand would still drive price growth across all regions of the capital.

Suburb records broken in 2016

GUNGAHLIN

BONNER – 31 Ben Blakely Street, $955,000

FORDE – 10 Eric Wright Street, $1,270,000

GUNGAHLIN – 21 Kettle Street, $1,255,000

JACKA – 11 Bittermann Street, $749,000

MONCRIEFF – 110 Slim Dusty Circuit, $869,000

NGUNNAWAL – 5 Gangele Street, $1,180,000

BELCONNEN

ARANDA – 38 Mirning Crescent, $1,400,000

COOK – 33 Cambridge Street, $1,365,000

EVATT – 11 Ashkanasy Crescent, $1,120,000

FLOREY – 11 Priestley Place, $815,000

HAWKER – 16 Elsey Street, $1,525,000*

HOLT – 1 Moyes Crescent, $742,000

KALEEN – 45 Onkaparinga Crescent, $1,045,000

LAWSON – 10 Concertina Street, $1,255,000

SCULLIN – 18 Ross Smith Crescent, $790,000

SPENCE – 54 Macgrath Crescent, $790,000

WEETANGERA – 19 Maclachlan Crescent, $1,510,000

NORTH CANBERRA

DOWNER – 28 Berry Street $996,000

LYNEHAM – 7 Fernyhough Crescent $1,340,000

REID – 3 Geerilong Gardens $2,300,000

WATSON – 9 Roma Mitchell Crescent $1,140,000

SOUTH CANBERRA

GRIFFITH – 1 Wells Gardens $2,800,000

NARRABUNDAH – 9 Finniss Street $1,800,000

OAKS ESTATE – 13 Williams Street $902,000

YARRALUMLA – 12 Hunter Street $5,475,000

WODEN VALLEY

CHIFLEY – 14 Warren Place $1,495,000

LYONS – 40 Derwent Street $1,370,000

WESTON CREEK

CHAPMAN – 28 Chauvel Circle, $2,600,000

WARAMANGA – 2 Adinda Street, $901,000

WESTON – 14 Rubbo Crescent $1,175,000

MOLONGLO VALLEY

COOMBS – 22 Laffan Street, $1,610,000

WRIGHT – 73 Ulysses Circuit, $1,110,000

TUGGERANONG

CALWELL – 12 Mountain Drive, $1,120,000

GORDON – 33 Clem Hill Street, $1,085,000

MACARTHUR – 163 Jackie Howe Crescent, $850,000

OXLEY – 16 Collocott Crescent, $956,000

THEODORE – 62 Louis Loder Street, $810,000

*Equal with 16 Marrakai Street, set in 2013