{"id":27144,"date":"2020-08-30T09:25:07","date_gmt":"2020-08-29T21:25:07","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=27144"},"modified":"2020-08-30T09:25:07","modified_gmt":"2020-08-29T21:25:07","slug":"canberras-house-prices-are-reaching-record-highs-during-the-covid-19-pandemic-heres-why","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/canberras-house-prices-are-reaching-record-highs-during-the-covid-19-pandemic-heres-why\/","title":{"rendered":"Canberra’s house prices are reaching record highs during the COVID-19 pandemic. Here’s why"},"content":{"rendered":"

PHOTO: Property values in Canberra have risen by 1.3 per cent since March.(ABC News: Ian Cutmore)<\/cite><\/strong><\/p>\n

The global health crisis is crippling economies across the world and Australia’s real estate market is feeling it too \u2026 but not in Canberra, where values are going up.<\/p>\n

Total stock levels of property for sale in the ACT is currently at a five year low, according to CoreLogic data.<\/p>\n

In July, Australian home prices fell 0.6 per cent\u00a0\u2014 continuing a downward trend in the nation’s property markets. But in the ACT, low supply and high demand is driving prices up.<\/p>\n

The national capital bucking the trend has caught people like Farhan Abbasi by surprise.<\/p>\n

“I was thinking with COVID the prices would go down just like Melbourne and Sydney,” Mr Abbasi said.<\/p>\n

“It seems the market here in Canberra is quite consistent, and in fact I have seen a hike”.<\/p>\n

Mr Abbasi is a first home buyer who was hoping to bag a bargain, finding a property big enough for him, his wife and his child.<\/p>\n

His budget is around $750,000, but in this climate he said it would seem that was not enough.<\/p>\n

“I do a 9-to-5 job but maybe I have to look for an alternative as well,” he said.<\/p>\n

So, is it a good time to sell a house in Canberra?<\/h2>\n

READ MORE VIA ABC<\/a><\/p>\n

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