Canberra’s current robust housing market is showing no signs of slowing down. With the median price continuously growing more suburbs are set to break the $1 million mark for the first time.
Domain’s latest State of the Market Housing Report showed Canberra’s median house price reaching an all-time high of $753,516 over the December 2017 quarter, and showing strong promise to continually rise closer to the seven figures.
In the past 12 months, at least six suburbs have cracked the $1 million milestone for a single home for the first time, and with 2018 well underway it looks as though more suburbs are set to do the same.
In fact, the general consensus among agents is the number will double as suburbs experience the flow-on effect.
Here are the Canberra suburbs which are newcomers to the $1 million milestone:
This property at 19 Numiari Street sold for $1.1 million. Photo: Irwin Property
Bonner broke the $1 million price tag twice in a matter of months. The Gungahlin suburb first surpassed $1 million in July with the sale of 141 Ida West Street. The home sold for $1.02 million.
Three months later, 19 Numiari Street sold for $1.1 million.
Irwin Property’s Jonathan Irwin was the selling agent on the Numiari Street home.
“I think the two record-breaking homes were pretty special,” he said.
“The one I sold was more than 700 square metres. It had panoramic views over Canberra, three bathrooms and the option for a granny flat downstairs.
“We actually had five or six people that wanted to pay over $1 million for it.”
Prior to these notable sales, the highest recorded sale in Bonner was $955,000.
The first of four sales of more than $1 million in Downer was this property at 96 Melba Place.
Luton Properties Dickson agents Aniko and Peter Carey told Allhomes at the time prices in the inner north suburb were starting to increase.
“It’s a great suburb and an amazing community,” Ms Carey said.
“The suburb will also benefit the most from the light rail, with three stops along the western boundary.”
Since then, the suburb has now recorded a further four sales over the $1 million mark.
More recently, 30 Swinden Street in Downer sold for $1,385,000.
Macarthur is the most recent suburb to break the $1 million milestone with this home in December. Photo: Maria Selleck Properties
In the final days of 2017, the south side suburb of Macarthur recorded its $1 million sale at 5 Dennys Place. The five-bedroom family home sold on December 22 for exactly $1 million.
Selling agent Maria Selleck said there was a lot of interest in the home.
“It was a renovated home, it’s also quite spacious and on a big block as well,” she said.
“It had the most amazing kitchen and marble benchtops, and it was facing the right way.”
Prior to this, the highest recorded sale was at 5 Macknight Street in April, 2017 for $900,000.
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Location: 29 Goulburn Place, Macquarie recorded the highest 2017 price, selling for $1,091,500. Photo: Ray White Canberra
It all came down to location said Ray White Canberra agent Troy Reddick.
“It wasn’t overly huge or modern but it was in one of the best streets in the suburb at the top of a quite cul-de-sac surrounded by quality homes and it had a superb outlook,” said Mr Reddick.
“There was five registered bidders at the auction, with two bidding it out.”
The former suburb record for Macquarie was set in 2015 for $987,000.
This Waramanga home at 26 Yiman Street was described as “immaculate”. Photo: Luton Properties Weston Creek and Molonglo Valley
At the end of November 2017, Waramanga recorded its first $1 million sale at 26 Yiman Street.
The four-bedroom family home was the most immaculate home that Luton Properties Weston Creek selling agent Justine Burke had taken to market.
“Nothing was out of place, it was the cleanest, most well-presented home and buyers really appreciated that,” said Ms Burke.
Ms Burke said it was the first time a home had come onto the market in Waramanga at this price tag.
“It’s quite likely that the suburb will have another million-dollar sale soon. It’s a very convenient suburb.”
The former highest recorded sale in Waramanga was $905,000 in October 2016.
Spence also surpassed the million dollar milestone in September at 68 Magrath Crescent. The four-bedroom home was sold for $1 million by Ray White Canberra agent Liam Wilson.
Suburbs to watch in 2018
The central Tuggeranong suburb broke its suburb record twice last year. Its current highest sale was at 23 Helpmann Street in early November for $965,000, just $35,000 short of the $1 million milestone.
Florey was another suburb that broke its record multiple times with the most recent at 3 Edman Close for $960,000 in April. The north side suburb was the third best performing of 2017 with a median house price growth of 18.88 per cent.
Flynn recorded came close with a new suburb record of $950,000 last year. With residing Spence cracking the $1 million milestone recently, the flow-on effect will more than likely reach the suburb.
Monash’s median price jumped 12.8 per cent in 2017 to $615,000. Despite recording a suburb record of $950,000 in 2009, it has yet to reach $1 million. However, its fortunes could be changing with a few sales in the $900,000s last year, it’s definitely one to watch.
The second best performing suburb of 2018 has yet to reach the $900,000 mark, but the mix of strong growth and the flow-on effect is set to be beneficial for the suburb. With neighbouring suburbs, Macquarie and Cook, recently breaking the $1 million milestone, there is a lot of potential for Page.