Agent view: Market heat defies chilly temperatures

It’s that time of year when Canberra residents store away their thongs and unpack their Ugg boots and scarves.  It’s when the simplest things, like staying warm, become a priority. 

Although Canberra is experiencing below-zero temperatures and heavy frosts, the real-estate market indicates it still has some summer heat in it. 

Agents across Canberra are reporting different trends in the market this winter, compared to last year.  We are seeing properties spending fewer days on the market, higher clearance rates at auction and higher listing price to selling price ratios. 

This is due to a number of factors. The main three are the Reserve Bank of Australia’s announcement  that the cash rate is on hold at 2 per cent, strong employment across the ACT and a shortage of residential property available. 

While Canberra is bucking its usual trend this winter in the housing statistics, the apartment market is making up nearly 70 per cent of total properties on the market. In some suburbs, that figure rises to nearly 90 per cent. 

I see this trend continuing with the shortage of new homes coming onto the market and the demand we see for quality homes.

Brett Hayman is the principal director of Peter Blackshaw Woden.