The Australian capital’s median home price rose 24.5% over the 12 months to November 30, according to CoreLogic.
Commenting on this remarkable growth, CEO of Metropole Property Stategists Michael Yardney said Canberra’s property market has been the “quiet achiever” of the pandemic period.
“This is the steepest price acceleration in almost three decades, helped by the city’s stable economy and unique job security with many jobs and industries being underpinned by government demand,” Mr Yardney told Savings.com.au.
“Low density living and walkability to lifestyle amenities make Canberra a desirable place to live and jobs growth and enduring economic strength will underpin the Territory’s housing markets.
“Moving forward, the Canberra property market will continue to enjoy solid but slower property price growth.”
In July, Canberra’s median house price exceeded $1 million according to Domain - alongside Sydney and Melbourne - and it currently sits at $1.074 million.
Tipped to continue its solid growth into 2022, some Canberra suburbs could be in high demand among property investors and home buyers. We’ve reached out to a few experts to discover their hot tips.
Suburbs to watch in 2022:
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Woden
Josh Reid, Director of Land Marketing at Colliers, said Woden is seeing ‘strong interest’ from first home buyers, investors, and downsizers alike.
“New retail amenity including the transformation of Bradley Street by Westfield and The Alby (part of the Alexander Albermarle development) by Doma, we expect to see strong growth in the Woden Town Centre,” Mr Reid told Savings.com.au.
Another contributor to this interest is the ACT Government’s commitment to expenditure on Light Rail Stage Two and the TAFE Campus, according to Mr Reid. Construction of the light rail is expected to be finished in 2024.
The median house price in the Woden Valley region is $1.062 million according to the most recent data from Domain.
Queanbeyan
Mr Reid said that with the local council implementing its CBD Masterplan - with the headquarters under construction - this makes Queanbeyan a good spot for buyers.
“The city will also see a huge investment from private developers as part of the rejuvenation of old council owned sites being repurposed for residential and commercial uses,” he said.
The current median house price in Queanbeyan is $725,750 according to realestate.com.au.
Dickson
Located three kilometres from Canberra Central, Dickson has a median house price of $1,085,000 according to PRD’s data.
Dr Diaswati Mardiasmo, chief economist at PRD, said that although it's an expensive suburb, Dickson has seen over $75 million worth of projects commence in the second half of 2021 with a price growth rate of 24% since 2020.
“High house yields of 6.0%, low vacancy rates (0.7%) and plenty of nearby amenities including a light rail stop means Dickson can expect to keep growing into 2022 and beyond,” Dr Mardiasmo told Savings.com.au.
Brendan Howe, Director/Builder at Homes by Howe, said Dickson is an ‘excellent choice’.
“Of all the inner north suburbs, property in Dickson is still below the $1 million mark with a median house price of $950 000,” Mr Howe told Savings.com.au.
“Its proximity to the CBD and dearth of new development will make it the place to be in years to come.”
Kaleen
Kaleen is situated five kilometres from Canberra central, with a median house price of $990,000 for the September quarter according to PRD.
“It's home to numerous schools, amenities, and plenty of green space,” Dr Mardiasmo said.
“With strong price growth in 2021 (27.7%), easy transport to the city with bus routes and big blocks of land, there is no doubt as to why Kaleen is continuing to attract plenty of demand from young families, independents, and older couples alike.”
Throsby
A bit further out this time, Throsby is located 10 kilometres north of Canberra Central with a median house price of $965,000 in the third quarter of 2021 according to PRD.
Despite being a small and new community, Dr Mardiasmo said Throsby has the benefits of sitting between two nature reserves, which creates a peaceful, suburban environment.
“It is only a 15-minute drive to the city and airport and is close by to a number of light rail stops in neighbouring suburbs,” she told Savings.com.au.
“Being predominantly owner occupied, this suburb as low vacancy rates and high yields - good news for investors.”
Bruce
“Located four kilometres from Canberra Central, Bruce is home to the University of Canberra, the Australian Institute of Sport, Canberra Stadium as well as two nature reserves (Bruce Ridge and Gossan Hill),” Dr Mardiasmo said.
“With a median price of $938,500, Bruce is full of life and has plenty to do.”
Dr Mardiasmo said Bruce is home to young families and individuals, and that it’s a great place for first home buyers to enter the market and continue to see capital growth into the future.
Page
Page’s median house price of $855,000 has it sitting ‘well below’ Canberra Metro’s median house price of $1,163,000 according to Dr Mardiasmo. It’s also close to Canberra Central (eight kilometres).
“Page is surrounded by plenty of parks, is close to the nearby Westfield shopping centre in Belconnen and has easy access to bus routes,” she said.
“It is a friendly, established suburb that offers great affordability and lifestyle; perfect for first home buyers and investors alike.”
Scullin
Located 9.5 kilometres from Canberra Central, Scullin recorded a median house price of $755,000 in the third quarter of 2021 according to PRD.
“Scullin saw 26.4% price growth in 2021 and looks to continue to grow into the coming years,” Dr Mardiasmo told Savings.com.au.
“With large block sizes, greenspace and quiet peaceful living, Scullin is a great place for any demographic to live in.”
She said there’s also plenty of public transport options and nearby main roads for easy access into and around Canberra.
“Scullin is perfect for first home buyers entering the market.”
Campbell
Mr Howe’s ‘hot pick’ for 2022 is Campbell - a beautiful, tree-lined suburb only a short stroll from Mount Ainslie and Lake Burley Griffin.
“It’s the place I’ve chosen to base the Homes by Howe office and new Display Home,” he said.
“A 10-minute drive or cycle into the CBD makes this the perfect community enclave for young families and professionals alike.”
The current median house price is $1.64 million according to realestate.com.au.
Denman, Curtain, Whitlam
Mr Howe said the new light rail connections to these three suburbs makes them good spots for investors.
“All three of these suburbs are going to get you inner city accessibility and convenience while living on a larger block with views of the Molonglo River Valley,” Mr Howe said.
“Light rail connections are going to be a growth boon for these suburbs.”
Denman’s median house price is currently $1.2 million and Curtain’s is $1.31 million according to realestate.com.au. There is no data on Whitlam’s median house price.
Griffith - Narrabundah
According to Mr Howe, the inner south is ‘the place to be’ next year.
“Suburbs like Griffith and Narrabundah offer proximity to the CBD and beautiful green spaces,” he told Savings.com.au.
“Property investors in Griffith have seen 21% of net gain this year.
“For young families, Griffith is surrounded by some of the top schools in Canberra and is walking distance from the vibrant community of Kingston.’”
The current median house price in Griffith is $2.175 million, and Narrabundah’s is $1.22 million according to realestate.com.au.
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