Agent View: Oversupply of apartments slows sales

While recent ABS statistics report that Canberra house prices are on the move up, we are still experiencing variations in the real estate market.

For example, freestanding houses in suburbs close to town centres are in high demand at the moment.

It is not uncommon to see up to 30 buyers attending open home inspections in suburbs such as Cook and Aranda, with buyers being attracted to the area because of great schools and popular shops.

Strong bidding at auction is resulting in sale prices above expectations.

Apartment sales are quite different, due to an oversupply of new or near-new properties on the market.

Apartment sale times are significantly higher than for house sales, and open homes can be a lonely time for agents.

Buyers are spoilt for choice which represents a great opportunity to buy at fair prices, and often below original purchase price for modern apartments.

With interest rates tipped to remain low over the short to medium term, now is a great time for buyers to upgrade their accommodation or consider buying their first investment property. 

Troy Reddick, managing director, Elders Belconnen