Canberra property: light rail will be further boost for fast-growing Harrison

Buyer activity may have slowed in Harrison but detached house prices forge ahead.

The median house price sits just over $50,000 above the current median house price of $609,000 for Canberra and Greater Queanbeyan region. Prices rose by 5.8 per cent annually to reach a median sale price of $661,500 based on sales over the first nine months of the year.

Prices are rising but demand took a slide of 7.6 per cent to 85 properties sold from January to the end of September. Houses accounted for the majority of sales, comprising almost eight out of every 10 transactions.

Harrison has been noted as one of Canberra’s fastest growing areas. Gungahlin is a hub of activity, helping to shift the Territory’s population centre north. Harrison has contributed to this, as well as the district’s other burgeoning suburbs, and newly created ones, pulling more residents to the area.

Significant investment into infrastructure is always a positive point for any urban area. With the government forking out millions on stage one of light rail, Gungahlin will benefit from the onset, connecting the district to the city. 

With prices already forging ahead, Harrison could look set for more growth. Having a direct route into the city, commuting to work, school or university will become a breeze with one direct connection. A good transport network is high on the list for many buyers. Having light rail within a walkable distance will certainly make property within the area more attractive to many buyers, both owner-occupiers and investors. As our population swells this is likely to become of vital importance. 

Despite demand for property easing in Harrison, supply levels took an upward turn. Over the first nine months of the year 109 properties were listed for sale on allhomes.com.au, an additional 14 properties compared to the same period the year prior. 

There may be higher levels of stock on the market than last year, but buyers are acting fast. On average vendors found property sold in 52 days, this is a staggering six weeks less time on the market compared to last year. 

Gungahlin looks set to continue to be one of the fastest growing areas in our region, as new suburbs pop up attracting new residents. The area has seen significant private and public sector investment, and offers modern facilities as well as excellent schooling options.

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