Curtin's desirable central Canberra location drives property price growth

The price of a home in Curtin is flying just over $230,000 above the Territory’s current house price of $598,725.

According to the latest Allhomes data house prices improved by 9 per cent over the year to reach a median sale price of $835,500 based on sales from January 1 to the end of August. Only six years ago a home in Curtin came in at a snippet of this price at $695,000, however this still sits almost $100,000 above the median price in the Territory today.

The Curtin profile predominantly consists of detached houses, making up 77.6 per cent of sales over the first eight months of the year. The remainder of the properties sold consisted of 12.2 per cent units, 6.1 per cent townhouses and 4.1 per cent land sales.

Those buyers on an entry-level budget are often locked out of the housing market in Curtin because of the higher house price. The area attracts buyers who are looking to upsize, or eager to find an opportunity of a knockdown rebuild in a more established suburb close to the city, as well as sellers downsizing and cashing in on the suburb’s rapid growth.

Demand in Curtin did slip by 7.5 per cent to 49 properties sold over the first eight months of the year. The supply of new properties over the same period also declined by 3.7 per cent to 52 properties listed, illustrating a relative balance of sold versus newly listed properties.

Sellers are finding that properties are in steady demand across the suburb. Based on sales over the first eight months of the year, properties  were on the market for an average of 60 days. The rate to sale may have grown by two additional days compared to last year but this figure is smaller than the Territory’s average of 78 days.  The quicker sale of properties in Curtin indicates that demand for property is comparatively strong in the area.

The central location of Curtin makes it a highly desirable area to live. It offers an easy commute to both the City and Woden town centre, giving buyers a reason to add Curtin to the location wish-list. It is often referred as one of the most sought after areas of Woden Valley. These are solid reasons why prices have been escalating.

Nicola Powell is a property expert for Allhomes. Twitter: @DocNicolaPowell. The MIX106.3 Real Estate Show, Saturdays 9-10am.