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Canberra market faces ongoing downturn

By Staff Reporter
3

Australia’s capital city has seen a drop in asking prices with one commentator predicting this trend will continue well into 2015.

SQM Research managing director Louis Christopher said the research house believes the capital is “undergoing a downturn in the current market”.

“We attribute this mostly to the slashing of government jobs in the area, which has forced individuals to leave the ACT and seek employment in other locations across the country,” he said.

SQM’s Asking Price index shows asking prices for units in Canberra are down by -6.4 per cent since the same week last year.

SQM predicts dwelling prices in the city will decrease between one and four per cent in 2015 “as a base case scenario”.

In addition, SQM released a list of the top 10 most discounted properties across the territory.

The most discounted property is a unit in Belconnen which has been on the market for 98 days. The initial asking price of $244,000 has been reduced by 18 per cent to $200,000.

The next most discounted property, in Yarralumla, has come down from $3,950,000 to $3,385,000 – a reduction of 14 per cent. 

Three of the properties on the list are in the suburb of Belconnen and two of these have been on the market for in excess of 800 days.

The full list can be seen below. 

Rank Address Initial price Now asking Discount Days on mkt  
1 12/101 Hennessy Street, Belconnen, 2616 $244,000 $200,000 18% 98  
2 33 Hampton Circuit, Yarralumla, 2600 $3,950,000 $3,385,000 14% 385  
3 208/60 College Street, Belconnen, 2616 $370,000  $320,000  14% 805  
4 161/60 College Street, Belconnen, 2616 $370,000  $320,000  14% 805  
5 23 Attiwell Circuit, Kambah, 2902 $575,000  $500,000  13% 154  
6 21/135 Blamey Crescent, Campbell, 2612 $319,000  $279,000  13% 678  
7 114/10 Thynne Street, Bruce, 2617 $319,000  $279,990  12% 154  
8 2/1 Cowlishaw Street, Greenway, 2900 $375,000  $330,000  12% 182  
9 6 Badenoch Crescent, Evatt, 2617 $620,000   $549,000 11% 168  
10 137/1 Mouat Street, Lyneham, 2602 $395,000  $350,000 11% 273  

Source: SQM Research 

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