Inside Canberra’s Property Market: Career Shifts, Auctions, and Market Confidence
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Hey, welcome back to the Real Estate Breakfast, breaking down for you the Australian property market. And if this is your first week back at work, three more days after today, and we'll be back into the weekend to kind of catch our breath. It is a Tuesday, Jan the 13th. Hey, something that I'm enjoying at the moment on Netflix is this Aussie production called The Newsreader. This is so well put together and it is set in 1987. The wardrobe and production team, they have done a masterful job with the series. I was working in radio at the time. And even though it's television, there are so many references and similarities to radio. It is like entering a time tunnel. So if you haven't watched it, if you haven't started it, I can recommend it.
And talking of going back in time, our own time tunnel is coming next as we continue with the summer series of Real Estate. Hearing from some of the hundreds of professionals that we spoke to last year, That is on the way next.
You're listening to the Summer Series on The Real Estate Podcast.
Canberra's market, fear to say, is a steady market and also probably a subdued market. Buyers can expect gradual price appreciation, consistent rent growth in Canberra, and relatively balanced supply-demand dynamics. It remains... I think a solid low volatility market when you look at some other markets, although it does lack the momentum of faster growing cities. But there in all of that probably lies the opportunities for people to look right now at Canberra.
Look, absolutely. We are quite stable. You know, we don't necessarily get the highs of your Sydney and Melbourne markets, but we also don't necessarily get the lows. The last couple of years since the pandemic have been quite interesting here. But what we're finding at the moment is that there is some really good buying opportunity here. within the market because some of those markets have come down slightly. So it is slightly subdued at the moment. But look, it really comes down to what a particular person's strategy is in the market at the moment. You know, if they are looking to sell to buy, then generally speaking, yes, their property price might be slightly subdued, but they're also going to be buying in a market that's exactly subdued as well.
So there's a lot of opportunity for what we're seeing at the moment, upsizing, upgrading people, jumping from certain price points because the top end of the market has come down more in Canberra than some of your entry level areas at the moment.
Let's have a look at the median house price in Canberra on our Monday morning. It is telling us $980,000 while the median unit price is hovering around that $594,000 mark. The median dwelling price, always good to have a look at that because that is combining both the house and the unit value, which is... You know, it's pretty decent. $855,000 is the median dwelling price. I want to talk to you about the days on market because it has grown a little bit, sitting now at 72 days for you.
We have definitely seen that increase over the last 12 months. So typically your average days on market for Canberra usually float between 40 and 50 across the pandemic market. I mean, it feels like yesterday, but it was five years ago now, but you were finding kind of your average days on market was sitting anywhere from about 21 to 30 days. 72 is, it is taking a lot longer to sell property at the moment on average across Canberra.
And then you were involved in a car accident. At the time, you were a motor mechanic. What happened after that that saw you get into real estate?
Obviously, the accident was a bit of a surprise. I was the fittest of my life. at the time, which I think helped a lot of the injuries and the recoveries afterwards. But I certainly had to rethink my life and what I was going to be doing. Bending over a bonnet wasn't going to be an option with so many lifelong injuries. I had breakfast with a friend, then went home and sat down and realized what I was doing every day, which was watching property shows.
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