Stellar growth: What's driving Woden Valley's 34 per cent house price increase?

Woden Valley has enjoyed stratospheric house price increases in the last 12 months, hitting nearly 35 per cent according to the June-quarter Domain House Price Report.

It peaked at 34.4 per cent, with a median of just over $1.21 million, ahead of second-placed Inner North on 30.8 per cent. 

Ben Galdys of Purnell has unpacked key drivers behind the Woden Valley region’s stellar growth.

“Many buyers have been priced out of the Inner South and see tremendous value virtually next door,” he says. 

“The blocks are generous and the median price enables them to consider renovations or extensions that further add value.”

Galdys says another contributor is the availability of money at low interest rates.

“This is encouraging people to bid strongly in a market where supply is still tight,” he says.

“And, finally, the Woden Valley is a great place to live: it’s central with a shopping centre, great schools and a hospital, with light rail on the horizon.”

Oliver Muscat of Edge Real Estate agrees on the fundamentals of the Woden Valley and points to other factors contributing to the price rise.

“COVID has seen us spend more time at home and that has caused a reassessment of space needs,” he says.

“People realise they now need a work-from-home space and further relaxation options and this has pushed them into the market.”

Muscat says the new builds on rehabilitated Mr Fluffy blocks and generational knockdowns and rebuilds are also putting upward pressure on prices.

• Location. The Woden Valley represents the ACT’s geographical centre and, as such, offers easy access to all other parts of the territory. Families are drawn to its proximity to schools and workplaces.
• Cheap money. Interest rates remain at an all-time low and enable buyers to push their borrowing limits in a competitive market. Increased home equity is also encouraging home renovations and extensions.
• Supply. Arguably, the biggest driver of price growth has been ongoing tight supply. There are more buyers than sellers, particularly in the sought-after four-bed, two-bath, two-garage dwelling combination.

Check out our top pick of homes for sale in Woden Valley:

Curtin

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One driver in the renaissance of the Woden Valley has, no doubt, been a revitalisation of its housing stock.

This has delivered properties such as this renovated, north-facing, double brick family home sited in one of Curtin’s most sought-after cul-de-sacs.

This is a very generous home, delivering some 266 square metres of living on a 952-square-metre block. There is also a self-contained apartment with private entry which provides plenty of options: home office, extended family living, even a rental income opportunity.

Entry to the main residence flows onto engineered European oak flooring, past a separate formal living area and into the central hub.

Highlights include high ceilings and extensive double-glazed feature windows that draw in the light and increase the sense of space.

There’s plenty of that, too, in the communal dining and family room, but it’s the kitchen that grabs the spotlight, bristling with new appliances and a terrazzo splashback.

The home’s bedrooms are on this level, including a very generous main with en suite.

Outside, there’s a big terrace to the front and an oversized Modwood deck at the rear. The latter gets a low-maintenance tick with no need for annual oiling.

There’s a double garage with a big storage room, and an oversized driveway offers more parking options. 

The home is close to the Curtin shopping precinct and local schools.

Price guide: Circa $2 million

Forthcoming auction

Agent: Purnell, Ben Galdys 0411 445 347

Or try these:

Pearce

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Price guide: $1.3 million +

Forthcoming auction

Agent: Blackshaw Woden, Anthony Weston 0439 282 508

O’Malley

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Price guide: $3.799 million

Private sale

Agent: Civium Property Group – Residential, Margaret Reynolds 0417 486 574

Chifley

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Online auction: 1pm, August 21

Agent: HIVE Property, Josh Morrissey 0437 799 234