Where you should have bought in Canberra

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Prices in Yarralumla have risen by 58% over the past five years. Picture: realestate.com.au

Timing is everything and it can be the difference between foresight and hindsight when it comes to investing in property, particularly in the nation’s capital.

Data compiled by realestate.com.au about the best performing suburbs in Canberra in the past five years shows Yarralumla as the clear leader, with property prices skyrocketing 58% to $1.63 million.

The starter suburb of Casey, which has been favoured by first homebuyers in recent years, was the second highest performer, with property growth at 47% from $425,000 to $625,000, while the plush inner suburb of Deakin surged 46% to $1.3 million.

Ainslie, Kaleen, Duffy and Narrabundah also performed well, racking up growth of 40% or more.

The statistics compare median price growth in suburbs for the year to August 31, 2014 against the same data set for the year to August 31, 2019. To meet the data requirements, each neighbourhood had to have a minimum of 10 sales in both 2014 and 2019.

Yarralumla and Deakin were no surprise as top performing suburbs in the ACT’s affluent property market because they were highly desired inner suburbs, according to realestate.com.au chief economist Nerida Conisbee.

“Yarralumla and Deakin are premium, luxury suburbs in Canberra, so they’re really sought-after,” Conisbee says.

“We have seen some decent jobs growth in Canberra in the last five years. Given Canberrans are the most highly paid residents in Australia, on average, there is a lot of wealth in Canberra and people love property so it makes sense that those areas have seen such a lift.”

She says the suburb of Casey, 4km from the Gungahlin Town Centre, was still a developing estate that was likely to continue to gather momentum.

“Those areas were pretty much paddocks five years ago … and they’ve moved to being brand new homes,” she says.

Conisbee says Canberra’s property market has seen great promise in recent years compared to its counterparts in Melbourne and Sydney.

“Over the past couple of years Canberra has seen some pretty decent growth,” she says.

“It’s been operating at quite a different speed to what we have been seeing in Sydney and Melbourne, which is very surprising given its location.

“You would expect it to mimic more what’s happening in Sydney, places like the Central Coast and Wollongong, but it just hasn’t. For whatever reason, there’s still a lot of population growth and jobs growth and obviously that flows through to housing.”

BEST PERFORMERS: Five year house price growth for the ACT

YARRALUMLA$1,630,000.00 $1,028,500.00 58%

CASEY $625,000.00 $425,000.00 47%

DEAKIN $1,300,000.00 $888,000.00 46%

AINSLIE $982,500.00 $678,750.00 45%

KALEEN $750,000.00 $529,000.00 42%

DUFFY $744,000.00 $525,000.00 42%

NARRABUNDAH$875,000.00 $625,000.00 40%

TORRENS $790,000.00 $575,000.00 37%

FARRER $905,000.00 $659,000.00 37%

CRACE $807,500.00 $590,000.00 37%

Source: realestate.com.au

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