From: Michael Croft
Hi,
To all those that posted, about a couple of months ago, that the Canberra market had passed its use by date and peaked.
Inner South/North listings are still short on the ground with agents reporting they are "loading prices a bit". Even with the "loading" they are still selling fast at private treaty, and auction clearance rates are still high at over 70%.
The concentric ring theory is alive and well in Canberra, so the outer suburbs have still a way to go. Three bedroom boxes in Kaleen which were $160k 12 months ago are now in the $220 - 230k range. Same sort of numbers for Rivett. These boxes would have fetched $190k mid winter.
Anecdotally, a place down the street from me just sold for $435k. It's half a duplex on a busy corner and came back onto the market only two weeks ago. It failed to sell 8 weeks ago at $410k. The same place sold new for $310k 18 months ago.
The block next door to me (Ainslie) also sold this week for $365k. It's a demolition job with $20k worth of earth works and house removal before they can even start.
So my prediction of another 10% by the end of the year is on track! It actually shows that I was conservative back then, as my crystal ball didn't predict the WTC and bio-terrorism.
Happy investing, Michael Croft
Hi,
To all those that posted, about a couple of months ago, that the Canberra market had passed its use by date and peaked.
Inner South/North listings are still short on the ground with agents reporting they are "loading prices a bit". Even with the "loading" they are still selling fast at private treaty, and auction clearance rates are still high at over 70%.
The concentric ring theory is alive and well in Canberra, so the outer suburbs have still a way to go. Three bedroom boxes in Kaleen which were $160k 12 months ago are now in the $220 - 230k range. Same sort of numbers for Rivett. These boxes would have fetched $190k mid winter.
Anecdotally, a place down the street from me just sold for $435k. It's half a duplex on a busy corner and came back onto the market only two weeks ago. It failed to sell 8 weeks ago at $410k. The same place sold new for $310k 18 months ago.
The block next door to me (Ainslie) also sold this week for $365k. It's a demolition job with $20k worth of earth works and house removal before they can even start.
So my prediction of another 10% by the end of the year is on track! It actually shows that I was conservative back then, as my crystal ball didn't predict the WTC and bio-terrorism.
Happy investing, Michael Croft
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