Lyneham property in demand: buyers snap up affordable units; house prices up 4.2 per cent

Buyers are flocking to Lyneham. Over the first eight months of the year 64 properties sold across the suburb, annually increasing by a staggering 45.6 per cent, or an additional 20 sales compared to the same period the year prior.

 Units are the property type of choice. The behaviour of Lyneham buyers mirrors the trend observed within the region. Developments have been exploding across Canberra and Greater Queanbeyan, and are of a diverse combination, comprising townhouses and units. Buyer behaviour has followed suit, as the volume of unit sale transactions increases. Townhouse and unit building approvals are continuing to boom; this will renew the face of property in the region.

The property landscape in Lyneham is also changing as buyers snap up more units. During the first eight months of the year 38 units sold across Lyneham – this figure has more than doubled compared to last year. The central location of Lyneham to both the City and Belconnen help to make it an attractive residential destination for many types of buyer.

The lower price point of a unit in Lyneham does make it an affordable entry onto the property ladder. Falling prices and low interest rates are also aiding affordability. The median sale price of a unit fell by 2.5 per cent annually to $338,750, based on sales over the first eight months of the year. The supply level has no doubt played a factor in this falling price, but as prices decline it will only bring more buyers to the unit market. This price trend is not exclusive to Lyneham, it is one that has been experienced across the region for some time now.

Vendor activity has reflected this growing buyer trend by rising a huge 52.8 per cent to 81 new properties listed for sale on allhomes.com.au during the period from January 1 to the end of August.

Vendors in the suburb are benefiting from the booming demand as properties are spending more than two weeks less on the market.  Vendors are also reaping the benefits of strong price growth. The median price for a detached house increased by 4.2 per cent over the year to $734,500, based on Allhomes’ sales data from January 1 to the end of August. House prices in Lyneham sit an enormous $130,000 above the median price for the region.

Nicola Powell is a property expert for Allhomes. Twitter: @DocNicolaPowell. The MIX106.3 Real Estate Show, Saturdays, 9-10am.