High demand for quality properties in Canberra's Weston and Evatt: Herron Todd White

Property valuers Herron Todd White say Canberra’s property market has remained stagnant with slight increases in sales, which may be due to the interest rate cuts giving incentive to first home purchases and investors.

The valuers says there has been a high demand for quality, updated properties in the "nicer suburbs" of Canberra such as Weston and Evatt.

There has also been interest for four-bedroom, two-bathroom, updated dwellings.

“Moreover, entry level homes are also moving quite smoothly, such as three-bedroom, one-bathroom properties in suburbs such as Gordon and Calwell.”

Herron Todd White says the demand for units has softened due to the high number of units coming onto the market, which has also caused prices to come back a little.

“As a result, the average buyer would be looking at their options more carefully and positioning their purchases of units in the inner suburbs.

“It seems that buyers are being very patient and are waiting for good quality properties in prime suburbs to come onto the market.

“As we have seen and heard from many agents, there has been high demand for quality, updated dwellings between the range of $500,000 to $600,000.

“Overall, the buyer confidence level is still low but if a good quality property comes onto the market, they are not afraid to step in.”

The valuers say it will be hard to see growth in property in the next couple of months but dwellings in the inner areas have the best chance.

Herron Todd White says the supply of units in Canberra’s outer suburbs has softened the demand for units, leading to some quality units being sold at a cheaper rate.

“In regards to dwellings, historically Belconnen has maintained high interest with potential purchases.

“This is due to its proximity to the city and surrounding amenities such as the AIS, University of Canberra and government offices.”