The premium end of the Canberra market has reached the next level after the top 10 most expensive residential homes of 2021 fetched $52.16 million – an increase of more than $8.7 million from the top sales of 2020.
It’s no secret that the capital’s property market has been riding a high wave in the last 12 months, with an intense buyer pool, low stock and low interest rates pushing median house prices above the $1 million mark.
In 2020, the overall ACT residential record was broken by the $8 million sale of 25 Mugga Way, Red Hill. The following nine top sales of 2020 each sold for between $3.6 million and $4.3 million, meaning last year’s top 10 most expensive properties sold for an overall $43,451,000.
When looking at the last 12 months, the property at 6 Wickham Crescent, Red Hill, claimed its spot as this year’s highest recorded sale when it sold for $7.1 million in August.
|Sold price||Address||Selling agent||Agency|
|$7,100,000||6 Wickham Crescent, Red Hill||Mario Sanfrancesco||Blackshaw Manuka|
|$6,410,000||2 Grant Crescent, Griffith||Mario Sanfrancesco||Blackshaw Manuka|
|$5,500,000||76 Arthur Circle, Forrest||Mario Sanfrancesco||Blackshaw Manuka|
|$5,300,000||61 Mugga Way, Red Hill||Mario Sanfrancesco||Blackshaw Manuka|
|$5,000,000||14 Musgrave Street, Yarralumla||Bill Lyristakis||Berkeley Residential|
|$5,000,000||55 Arthur Circle, Red Hill||Sophie Luton||Luton Properties Manuka|
|$4,550,000||8 Akame Circuit, O’Malley||Mario Sanfrancesco||Blackshaw Manuka|
|$4,500,000||15 Carstensz Street, Griffith||Mario Sanfrancesco||Blackshaw Manuka|
|$4,425,000||68 National Circuit, Deakin||Mario Sanfrancesco||Blackshaw Manuka|
|$4,375,000||7 Timbarra Crescent, O’Malley||Sophie Luton||Luton Properties Manuka|
Mario Sanfrancesco of Blackshaw Manuka, who sold seven of the top 10 highest sales of the year, said each property “was worth every dollar paid for it”.
“What this demonstrates is that the Canberra real estate market is becoming quite mature and sophisticated and is now comparable to cities like Sydney and Melbourne,” he said.
“Last year was a strong year for sales but this year was much stronger and we saw a lot of high-value sales in the Inner South, clearly.”
Sophie Luton of Luton Properties Manuka, who sold two of the top 10, said many Sydney and Melbourne residents moving to the capital had the budget to spend upwards of $3 million for a house.
“You just can’t compete with Sydney or Melbourne money, which is why there are more sales above $4 million now,” she said.
“Two years ago, you could count on both hands how many properties sold for $4 million or above but now there are countless sales above that price.”
Mr Sanfrancesco said a number of properties in the Inner South, an area known for its tree-lined streets and big blocks of land, were coming to market after years of being held by the same families.
“These are what we call generational homes – properties that have been passed down from one generation to the other – and the current owners are ready to downsize and, in some instances, offload some property from their portfolio,” he said.
“The property in Deakin [at 68 National Circuit] has been under the same family for nearly four decades. [They] decided to sell because they wanted a lifestyle change, something low-maintenance to suit their current life stage … a sentiment often echoed around these big properties.”
Some sellers had decided to part with their homes to take advantage of the hot property market, Ms Luton added.
“Now that the market is prepared to pay those prices, sellers are confident that good prices will be achieved for their houses,” she said.
“People are seeing value in Canberra property compared to other cities. I think next year we’ll continue to see these high prices and, if the right home comes to market, I think the overall ACT record will also be set.”