What Canberra buyers are looking for in the property market right now

Detached homes remain a hot-ticket item for buyers, but some types are hotter than others.

Luke Revet of Blackshaw Manuka, who lists this week’s O’Connor feature property, says increasing building costs and uncertainty around supplies have influenced buyers.

“We’re seeing a high level of interest in areas like the Inner North, especially around quality homes that have already been extended and renovated,” he says.

“Buyers are showing a preference for homes on big blocks where the work has already been done, and they are prepared to pay a premium.”

Revet says concerns about builders’ ability to deliver on time and against fixed-price contracts have been pushing buyers toward certainty.

“The O’Connor feature property is a prime example. It’s a premium-quality home with multiple living areas and a fantastic outdoor space – we had 38 groups through on one inspection,” he says.

Nik Brozinic of Carter and Co Agents, who lists this week’s Casey Or Try These home, says there is still an appetite for sub-$1 million properties – when they can be found.

“They are popular with professional couples or those with a very young family,” he says.

“But the gold standard is still the detached family home on a substantial block – say, above 750 square metres – in the $1.3 million-$1.4 million range.”

Brozinic says buyers are having to be patient as competition to acquire these types of homes is strong.

“They are selling almost as quickly as we can list them – and at a premium,” he says.

• Apartments : Still a perennial favourite with first-home buyers and investors. Some buyers are thinking twice about buying off the plan, given the uncertainty around the building supply chain, increasing costs and completion schedules.
• Townhouses: Newer areas like the Molonglo Valley offer choice while urban infills draw downsizers looking to stay close to their communities or move toward aspirational areas like the Inner South.
• Detached homes: Family buyers are willing to pay a premium for quality homes on big blocks. They are also showing a preference for those that have already been renovated and extended.

Check out our top picks of homes on the market right now:

O’Connor

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There’s a truism that says you won’t regret it if you buy a builder’s own home. Chances are they will have paid meticulous attention to detail and no expense will have been spared.

This five-bedroom home on a prime, elevated 1023-square-metre block is likely to meet that benchmark – and it is only metres from Black Mountain Nature Reserve and a short walk to the ANU, CSIRO and Civic.

The floor plan essentially wraps the home around the pool and entertaining areas. Bluegum flooring extends throughout the casual living areas while a spacious formal lounge and dining area is highlighted by high-raked ceilings, electric blinds and a feature gas fireplace.

The kitchen showcases stone benchtops and a huge island with waterfall edges. Appliances include an induction cooktop, two ovens, a built-in coffee machine and a plumbed-in fridge.

The family room is highlighted by custom cabinetry and adjoined by a media room and a study.

The generously proportioned main bedroom suite incorporates a spacious walk-in wardrobe and a large, luxurious en suite with a deep bath.

The rest of the bedrooms all have built-in robes.

Outside, there’s an extensive covered entertaining area featuring a built-in kitchen while the highlight is a 10-metre, tiled saltwater pool.

There’s four-car parking in the basement along with an adjacent theatre room, powder room, storeroom and workshop. Two driveways provide further off-street parking.

Price guide: $3 million+ 

Auction: 11am, October 15

Agent: Blackshaw Manuka, Luke Revet 0418 101 213

Or try these:

Lawson

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Price guide: $2 million+

Auction: 10am, October 8

Agent: Blackshaw Weston Creek & Molonglo, Sean Rogers 0414 538 348

Casey

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Price guide: $1.3 million+

Auction: 10am, October 15

Agent: Carter and Co Agents, James Carter and Nik Brozinic 0413 974 912