It’s fair to say the Canberra market is red hot right now.
Now a new report has crunched the numbers to reveal the local suburbs where house prices are smashing through the Million-dollar mark.
According to the REA Group which owns realestate.com.au, Weetangera is the hottest suburbs in Canberra at the moment, recording the highest growth in value over the past year.
More than 72% of Houses in the Belconnen suburb are now valued at more than $1 million, compared with just 17 percent the year prior.
Second place went to Hackett, in Canberra’s Inner North.
In 2020, 30% of homes in Hackett were valued at more than $1 million, now that number stands at more than 83%.
Rounding out the top three is Aranda, it’s seen a 50% increase in house values above $1 million with 84% of properties now listing at the seven figure price tag.
Canberra’s ‘outer’ suburbs enjoyed the biggest increase, with Hughes and Pearce in the Woden Valley rounding out the top five on the list.
Economist, Anne Flaherty said the increases have been driver largely by the pandemic.
“We’ve seen very strong demand for properties in regional and scenic areas, driven by changes in work practices due to COVID-19, which have allowed people to work more remotely.”
“There has been a shift in lifestyle preferences that is going to stick post-COVID just because we have a new way of working.”
“That means more people will want to live further out in more scenic areas.” She added.
Check out the top 10 suburbs with growth about $1 million below:
- Weetangera, Belconnen
- Hackett, Inner North
- Aranda, Belconnen
- Hughes, Woden
- Pearce, Woden
- Garran, Woden
- Curtin, Woden
- Lyneham, Inner North
- Lyons, Woden
- Ainslie, Inner North