Despite entering a traditionally quiet period for real estate, Canberra is still enjoying the high buyer activity and rising prices in its property market.
Though sales volume across almost all established suburbs is lower compared to last year, there is still an increase in median house prices over the same period.
"Some sellers are taking advantage of this period, as the decrease in transactions is a symptom of supply and not demand," said Nic Salter-Harding, an agent and auctioneer at LJ Hooker Dickson.
Salter-Harding also noted that buyers tend to favour the more central suburbs, especially those looking for family homes. In fact, some Canberran families are paying more than $1 million to secure a house in these areas that they are planning to knock down and rebuild.
As for the future, a BIS Shrapnel report showed that the outlook for Canberra over the next three years is pretty rosy, with its median house price forecast to grow six per cent. However, a significant pipeline of apartment construction is still expected to come through and dampen the market.
Collections: Mortgage News