Buyers and sellers sit tight in Watson

Buyers and sellers are holding off in Watson. This is a surprise as the suburb is now set to benefit from light rail. Buyer activity plummeted 21.1 per cent compared to the year prior. Home hunters purchased 90 properties across the suburb over the first ten months of the year, with 24 fewer transactions annually. 

Detached housing was the popular choice of Watson buyers throughout the year, with half of homebuyers opting for this property type. The rest of Watson buyers opted for a unit, townhouse, or the rare block of land.

The demand has eased across all property types. House transactions tumbled by almost 30 per cent, townhouse transactions dropped by just over 26 per cent, whilst unit transactions dipped by just under 7 per cent.

A lack of stock was not the issue. The supply of new listings eased marginally by 1.6 per cent to 121 properties listed on allhomes.com.au, only two fewer listings compared to last year.

Due to the suburbs close proximity to the City, this does mean homes tend to command a higher price tag compared to some of the suburbs on the peripheral of the Territory. Based on sales over the first ten months of the year the median house price in Watson was $690,000, this dollar figure is substantially above the current house price of $631,500 for the region.

The suburb offers a range of housing options, from detached family homes, townhouses and units. This provides affordable alternatives for those home hunters that desire to live within close proximity to the City. 

Unit prices are far more competitive compared to the price of houses in the suburb. The median sale price of a unit in Watson is significantly below the current unit price of $380,000 for the region. Presently a unit in Watson would set a homebuyer back $330,000 based on sales over the first ten months of the year.

The fact Watson is set to benefit from the connectivity of light rail it may mean buyers and tenants could start to look to the suburb.

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