The Canberra Property market has more than doubled in the last month, according to the latest Proptrack Report.
After a pretty quiet December, January saw the market expand with new listings up 91.3%.
While that’s 4.7% less than the same time last year, Proptrack reckons that was to be expected. January 2022 was the busiest January ever recorded in Canberra.
The total number of properties listed for sale in January was also up by 34.6%.
Angus Moore from Proptrack says that more choices will make entering the market a bit easier.
“Certainly buyers have more to choose from, and because there’s more on market, any given property is likely to be less competitive”.
Plus, more options will give buyers more time to consider their choices.
“The positive thing is that buyers are getting a bit more time to make decisions, as it’s taking a little bit longer to sell homes in Canberra compared to 12 – 18 months ago, so that’s relieving a little bit of pressure”.
The report also looked into the year on year changes in listings from specific suburbs in Canberra.
Belconnen saw the biggest jump with 58% properties listed for sale on realestate.com.au while the City saw the least amount of growth with 30% less properties for sale.
Here’s the full list:
Biggest Increase (year on year)
- Belconnen +58%
- Kingston +40%
- Kambah +38%
- Casey +20%
Biggest decrease ( year on year)
- City – 30%
- Phillip – 23%
- Braddon – 16%
- Bruce – 8%
- Gungahlin – 5%