Buyers are showing signs of confidence in the greater Queanbeyan market as the number of sales has risen.
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According to the latest Allhomes data, demand grew 10.9 per cent to 367 properties sold in the past six months to the end of March. This is an additional 36 sales compared to the same period last year.
As a result of rising buyer demand property values have made gains. The detached housing market has underpinned this growth, a trend that is mirrored in Canberra.
Home values rose 6 per cent to reach a median sale price of $580,000 over the past six months compared to the same period last year.
Unit and apartment values tracked backwards 4.5 per cent to reach a median sale price of $210,000 over the past six months compared to the same period last year. This is likely to be a reflection of the number of medium density developments available.
The popular location to purchase was in the centre of Queanbeyan, with the vast majority of buyers snapping up units and apartments.
The high demand for rental property in the centre attracts investors. With a significantly lower median price than in Canberra it is not surprising buyer demand is strong.
Jerrabomberra remains the favourite for those looking to purchase a detached home. Properties were snapped up quicker than anywhere else in the region, taking on average 78 days to sell over the past six months.
The strong demand and competition between Jerrabomberra buyers is highlighted when compared to the region’s average of 110 days to sell.
In recent years, greater Queanbeyan has seen its population rise steadily. The current and ongoing development in the region, in particular the self-contained township of Googong has been a large contributor to this growth.
This significant transformation has resulted in the growth of the local amenities. The proximity to Canberra, which opens a wider prospect of employment opportunities, also entices young families, first home buyers and investors to the area.
The region offers a mix of property types, from entry-level to million dollar homes. But it is the lower entry price point compared to the Canberra market that has perhaps been the main draw card for buyers.
As the price of detached homes continues to rise in the ACT it may have resulted in some buyers looking across the border for more affordable alternatives.
