How has Canberra's property market trekked so far in 2023?

The property market has rolled into 2023 and, against a background of rising interest rates, inflation and ongoing supply-chain issues, we ask local real estate agents what we can expect this year.

Ming Sun of Ming Sun Real Estate, who lists this week’s Murrumbateman feature property, says the unique fundamentals of the Canberra market should insulate it from many of the shocks that affect larger markets like Sydney and Melbourne.

“We have a large government workforce that is well-educated and Canberrans are among the highest paid in the country,” she says.

“And there is strong property demand through an ongoing influx of people for work or relocation.”

Sun says investors are drawn to the Canberra market through the security of these fundamentals and inquiries are likely to be consistent.

“We are continuing to receive interest from buyers who are keen to build their property portfolios,” she says.

Mario Sanfrancesco of Blackshaw Manuka is equally buoyant about the 2023 market but expects some adjustments.

“I’d say we will return to levels of market activity that were typical before COVID-19,” he says. “Prices will remain strong, but time on market and auction clearance rates will likely realign with historic averages.

“Ongoing demand for detached family homes will ensure competition and continued upward pressure on prices. This, in part, will also be driven by the appeal of new, near-new and recently renovated homes.”

Sanfrancesco says there is still a level of buyer reservation around building costs, supply chain issues, tradie availability and scheduling.

• Demand: Prices are likely to remain strong throughout 2023 with a continuing emphasis on detached family homes. However, time on market and auction clearance rates may realign with pre-pandemic averages.
• Investors: Canberra’s strong market fundamentals will likely continue to attract investors, drawn by the perceived security inherent in a large government workforce along with a highly educated and generally well-paid population.
• Building: Buyers are yet to regain confidence that the building supply chain has overcome the issues of increasing costs, tradie availability and scheduling. New, near-new and renovated homes will continue to be sought-after

Check out our top pick of homes on the market:

Murrumbateman

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Imagine living on a country retreat that sits just 40 minutes from the Canberra CBD and comes with a luxury homestead and a guest house with two potential short-term lets.

This elevated 7440-square-metre Murrumbateman property is set on a quiet, no-through-road, close to the popular Shaw Winery and with views across to the Yass Valley.

The single-storey main residence offers four bedrooms and multiple living areas characterised by high ceilings that draw in an abundance of natural light.

The floor plan sites the living hub at the centre of the home with wings on either side that house the sleeping quarters and rumpus and theatre rooms.

The chef’s kitchen is backed up by a large walk-in butler’s pantry and other features including a coffee bar and a Belling double electric oven with a five-burner gas cooktop.

A concertina window provides a perfect servery to the outdoor kitchen, which sits on a deck with views overlooking the very welcoming saltwater pool and low-maintenance grounds.

The parents’ retreat offers a generous his-and-hers walk-in wardrobe with custom cabinetry, and an en suite with blackbutt benchtops and a bath.

An oversized garage has glass sliding doors to the backyard and internal access to the laundry.

The fully renovated guest house houses two self-contained units, one with two bedrooms, the other with one – ideal for extra rental income or an extended family.

Price Guide: $2.369 million

Private sale

Agent: Ming Sun Real Estate, Ming Sun 0481 368 613

This feature is part of an Allhomes Deluxe package.

Or try these:

Yarralumla

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Price Guide: Circa $1.8 million

Auction: 1pm, February 4

Agent: Blackshaw Manuka, Zachary Cunningham 0414 315 849

Belconnen

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Price Guide: $788,000+

Private sale

Agent: Bastion Property Group, Theo Koutsikamanis 0431 543 649