PHOTO: Property values in Canberra have risen by 1.3 per cent since March.(ABC News: Ian Cutmore)
The global health crisis is crippling economies across the world and Australia’s real estate market is feeling it too … but not in Canberra, where values are going up.
Total stock levels of property for sale in the ACT is currently at a five year low, according to CoreLogic data.
In July, Australian home prices fell 0.6 per cent — continuing a downward trend in the nation’s property markets. But in the ACT, low supply and high demand is driving prices up.
The national capital bucking the trend has caught people like Farhan Abbasi by surprise.
“I was thinking with COVID the prices would go down just like Melbourne and Sydney,” Mr Abbasi said.
“It seems the market here in Canberra is quite consistent, and in fact I have seen a hike”.
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.
His budget is around $750,000, but in this climate he said it would seem that was not enough.
“I do a 9-to-5 job but maybe I have to look for an alternative as well,” he said.
So, is it a good time to sell a house in Canberra?
READ MORE VIA ABC
