Common wisdom says winter is a time when property value growth slows down and the market goes quiet. It appears we’ve thrown that right out the window in the Canberra real estate market.
CoreLogic RP Data’s Home Value Index, released on 1 September, has a lot of good news for owners of property in our part of the country.
Heating up during the colder months
The index shows that across August alone, property values in Canberra went up by 2.8 per cent. Only Darwin saw a better result (4.1 per cent), while Sydney and Melbourne languished behind. Quarterly growth was only 1 per cent, but over the last 12 months values have gone up by a very respectable 7.6 per cent.
“Signs are emerging that the pace of capital gains may be accelerating across Canberra and Hobart,” noted CoreLogic RP Data’s head of research, Tim Lawless. He noted that this time last year, value growth was non-existent, at -0.9 per cent.
While this was largely driven by houses as opposed to units, owners of strata property may still experience healthy capital gains if the market continues this upward trajectory.
As of 31 August, Canberra’s median unit value sat at $419,920. While lower than many other centres, this can translate into healthier rental yields than you may reasonably expect in spots like Melbourne and Sydney.
For any questions about how your strata property is performing, feel free to get in touch with our team.