Nicola Powell column: Inner north

The inner north is the fourth-largest populated district, home to almost 14 per cent of the territory’s population. The latest Allhomes data suggests buyers are competing fiercely to reside in one of Canberra’s oldest districts.

Demand grew by 3.4 per cent over the past three months to the end of February, with 211 dwellings sold, seven more sales than in the same period last year. New listings also lifted to a similar degree, up 3.2 per cent to 223 properties listed during the same period.

Competition between prospective buyers indicates that the area is highly sought-after. Buyers are snapping up property under the hammer.

The number of properties sold at auction over the January quarter was twice that of last year and this trend continued into February. New data reveals 25.1 per cent of sales over the February quarter sold at auction compared with 16.7 per cent last year.

As the number of properties sold at auction increases the average time a property spends advertised has declined. On average, properties in the inner north are on the market for 78 days, taking two weeks less to sell than last year.

Detached family homes have been highly sought-after, a trend emulated across the territory.

Family homes were on the market an average of 42 days; this includes homes sold by auction and private treaty. Units, apartments and duplexes are moving much slower than houses, taking on average 112 days to sell.

Competition between buyers for family homes helped push the median sale price up 15.7 per cent across the year to $810,000 during the February quarter.

Strong demand and a lack of quality new listings is the most likely reason behind such price growth. Demand has certainly not been fuelled by affordability, as the median sale price pushes even nearer to $1 million. 

Quality amenities, large blocks, established streetscapes, and access to good schools are attracting many families to the area.

The inner north is one of the oldest parts of Canberra with some of the oldest dwellings in the district. Heritage properties with the old character charm are attracting buyers.

The district is also home to some of Canberra’s newest developments and keen buyers have acted fast on prime land for redevelopment.