Property demand slides by 24.4 per cent in Duffy

Buyers are shying away from property in Duffy. Demand slid by 24.4 per cent to 34 properties sold over the first nine months of the year. The sales market is clearly smaller in Duffy compared with some of the larger suburbs in Canberra meaning any slip in activity has a dramatic effect on performance – compared with last year, the drop is only 11 fewer sales.

Detached homes make up the property landscape, contributing 82.4 per cent of sales over the year-to-date. The demand for detached homes has fallen, annually shaving off one-fifth of sales. This is not necessarily reflective of the market performance in Duffy alone, but more a trend echoed across Canberra, as demand for homes has softened overall.

Buyer numbers may be dwindling but stock has risen. The supply of new properties over the first nine months of the year rose by 11.6 per cent to 48 properties listed for sale, an additional five properties compared with last year.

As supply rises and demand falls it is almost expected that property will spend longer on the market. Properties in Duffy bucked this trend. Vendors found that properties sold on average within 40 days, almost three weeks more quickly than last year. Competition is clearly fierce for quality homes in Duffy. Only 25 per cent of homes sold at auction during the first nine months of 2015. A staggering 64.3 per cent of homes have sold at auction in 2016.

Prices are also on the rise. The median price for a detached home has increased by 11.9 per cent annually to $690,500, based on Allhomes’ sales data from January 1 to the end of September. The price of a home in Duffy sits almost $100,000 above the current median price for Canberra and the Greater Queanbeyan region.

The suburb has seen an influx of new larger homes following the devastating 2003 bush fires and they are fetching some hefty price tags. The record sale in Duffy was smashed only a couple of years ago, reaching a staggering $1.9 million. Homes achieving around $1 million are becoming more commonplace. This year, the highest Duffy sale fetched $1.2 million. This was the only property to achieve above $1 million. However, numerous sales came close to seven figures.

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