What will the autumn season bring to Canberra's property market?
Autumn has arrived and as the weather turns, it’s time to ask what the season might hold for the property market.
Mark Larmer of Independent Our Team says there seem to be fewer homes with three or four bedrooms (or more) available for sale in many suburbs.
“It’s difficult to neatly summarise why that should be as every seller has a different motivation,” he says.
“But it’s probably fair to say many have likely been influenced by regular media reporting on the housing market.”
Larmer says sellers should remember that much of the narrative often has a national focus or is centred on the Sydney or Melbourne property markets.
“Your local agent is best positioned to provide a perspective on what’s happening in Canberra and in your suburb,” he says.
Andrew White of Belle Property Canberra says he believes the market is stabilising as it heads into autumn.
“We’re seeing it return to activity that could be broadly similar to how it was performing pre-pandemic,” he says.
“That means buyers are now focusing more on finding homes they really love, rather than being driven by a fear of missing out.”
White says tightened lending conditions have also changed the market dynamics into autumn and beyond.
“Many lenders are insisting buyers sell existing homes before finance approval for subsequent purchases – that impacts the timing of the whole market cycle,” he says.
- Stability: The property market is returning to relative stability, akin to pre-pandemic activity. That translates, in part, to greater confidence around price guides – providing a level of certainty to buyers.
- Finance: Lenders have tightened their criteria around home loans and lowered maximum loan ceilings for many borrowers. Further interest rate increases and inflation concerns are also influencing buyer sentiment.
- Supply: Potential sellers may be moving slower into the market while they filter and assess the continuous noise around the industry. The best advice is to consult your local market expert.
Check out our top pick of properties for sale:
Macgregor
A Tudor influence that announces itself in the exterior of this two-storey Macgregor home provides a big visual clue to the character within.
This four-bedroom family house, sited on a generous 801-square-metre block in a quiet cul-de-sac, is further distinguished by a curving, dual-access driveway and a location opposite a nature reserve.
Inside, the home has been updated throughout while retaining many original features. The warm and welcoming ambience is highlighted by timber-look flooring throughout the lower level.
This level offers living, dining, kitchen and meals areas and a fourth bedroom that might easily serve as a work-from-home space – or serve many other uses.
The fully renovated and extended kitchen is presented in white and grey with plenty of storage. It is highlighted by Caesarstone benchtops and Bosch appliances, including a pyrolytic oven, gas cooktop and an integrated dishwasher.
Upstairs, the main bedroom offers a walk-through wardrobe and en suite. The main bathroom services two further bedrooms.
Entertainers will love the big pergola and the deck that overlooks a very private rear yard with a border of mature trees including plum and apple.
The two-car garage with internal access offers high ceilings for additional storage and there are two further spaces off the garage.
There is also secure side access for a boat, caravan or trailer. And there are further parking options on the front driveway.
Price guide: $900,000+
Auction: 4.30pm, March 7
Agent: Independent Our Team, Mark Larmer and Aaron Lewis 0403 215 246
Or try these:
Watson
Price guide: $1.1 million+
Private sale
Agent: Independent Inner North & City, Tammy Bush 0409 654 931
O’Connor
Price guide: $2.9 million+
Auction: 9:30am, March 18
Agent: Belle Property Canberra, Andrew White 0406 753 362
Forrest
Price guide: $1.695 million+
Private sale
Agent: LJ Hooker Manuka, Stephen Thompson 0418 626 254
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