It's been described as pretty dead, slightly oversupplied and stuck in a holding pattern, but is Canberra's property market good for buyers?
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
House hunters may not get an answer but they will get some guidance at a home-buying seminar hosted by Service One this evening.
Chief executive of the banking institution, Peter Carlin, said recent rate cuts and renewed interest in the market made it a timely event.
''The market was pretty dead for a while, but inquiries seem to be picking up,'' he said. ''There's more activity out there.''
Mr Carlin said the seminar would be aimed at first home buyers who are daunted by a practice saturated with unknown phrases such as negative gearing and capital gain.
He said attendees could also glean advice from agents, financial planners and solicitors.
The past two months have recorded auction clearance rates of less than 50 per cent in the capital, according to figures from RP Data.
The week ending October 21 recorded a clearance rate of 22.7 per cent, with only 10 of the 44 properties listed for auction selling under the hammer. However, auction results should not be used as a barometer for the market, said Craig Bright, the president of the Real Estate Institute of the ACT.
Mr Bright said unlike markets in Sydney or Melbourne, many properties in the capital were sold through private treaty instead of under the hammer.
He said while there had been a slight softening, the market was still reasonably active up to about $500,000, and in the $1 million to $2 million bracket.
''I'm certainly not saying the market's booming, but rates have come down to a point where they underpin the market,'' he said.
Independent Property Group's sales and marketing director, John Minns, agreed that the market was reasonably solid, albeit slightly oversupplied. ''There seems to be an average of 2000 properties advertised on a weekly basis,'' he said.
''We'd say a balanced market was around 1600. But at the moment, it seems to be trending downwards.''
The Home Buying Seminar will be held at the Mercure Canberra, on the corner of Ainslie and Limestone Avenue in Braddon from 6pm. Entry is free.
