If you are looking to buy a home in the Canberra Property Market - what can you buy these days for $1million?
Canberra property market still strong
I like to keep up with the Canberra property market and recently went to look at the new Estate development in Forrest. Admittedly, it’s one of the most expensive developments in Canberra, but the prices are eye watering. So that made me think – what can you buy these days for $1million in Canberra?
Average house prices reflect Canberra’s growth
According to a recent allhomes article, How Canberra house prices of 1998 compare to 2018, in 1998 Canberra’s population was about 308,000 and the average house price was $155,500. If we fast forward to 2018, there are now more than 400,000 people in Canberra, and the median house price is $740,000 (Source: Domain group data). That is almost five times the price of the median house from 1998.
Most affordable Canberra suburbs
The newer suburbs often offer the best affordability. In 1998 the top 10 most affordable suburbs included Dunlop – average house price of $92,000 and Ngunnawal at $115,000. Ngunnawal continues to be affordable in 2018, but the average house price has risen to $480,000. Other affordable suburbs include Holt, Belconnen and Charnwood. For more information about Canberra property prices, Real estate agent Alvin Nappilly talks about Canberra’s hottest properties.
To get a bargain, broaden your horizons
When I was a kid (which is a while ago now!), Narrabundah used to be the last suburb you would want to live in. But now, it is highly desirable, and even the most basic of properties is selling for the highest prices. Sometimes it pays to look outside your ‘bubble’ and consider suburbs that are still close to where you want to be, but not the first ones you think of when searching for real estate.
Enlist the help of an expert
I spoke to Claire Corby recently from Capital Buyers Agency. She had helped a family who wanted to buy a home in the Belconnen area. In the end the family bought in a suburb that wasnt on their radar at all. But the home ticked all the boxes and most importantly was in their price range. Sometimes the help of buyers agents, or even real estate agents, can provide surprising results. They can direct you to areas where you normally wouldn’t look, and help you to negotiate a great price on your purchase.
Canberra Mortgage Brokers
Of course, if you are looking at the Canberra Property Market and want some help with your finances, give Milestone Lending a call. We are Canberra mortgage brokers that specialise in home loans, construction loans and commercial property, so we can find a loan to suit you.