Maloney’s Property have been managing and selling property in Canberra for over 30 years. We would like to share with you our thoughts about the Canberra property market for 2023.
In this article, we will focus on areas that are showing promise for people looking at investment property in Canberra, such as Belconnen, Woden, and Weston Creek.
Conditions are looking good for buying property in Canberra
There is an expectation that prices may fall further but that the quarterly fall may have peaked. Interest rate rises have impacted first home buyers and investors. Still, the Reserve Bank of Australia has slowed the increase rate, which may offer borrowers confidence.
According to figures from the Domain House Price Report September 2022, weekly auction clearance rates reached a six-month high in October. This, combined with increasing overseas migration, better rental yields, and a tight rental market, are expected to see increased investment activity, especially for apartments.
The property market in Canberra in 2023
Many of our articles discuss the many merits of investing in property in Canberra’s inner north and south. Still, there are also good opportunities for first home buyers and investors in other parts of Canberra, around suburbs that have already been developed.
Co-owner of Maloney’s Property, Sue Maloney, explained that
"There are lots of property investment opportunities around Canberra suburbs such as Belconnen, Woden and Weston Creek, where investors are seeking long-term investments in complexes that offer quality facilities, established locations and floor plans that are ideal for professional couples."
Maloney’s Property have 30 years of experience working with property investors and first homebuyers to get into the Canberra Property market.
Sue says that since the Federal election, there has been strong demand in the Canberra property market for more affordable properties under $600,000, making apartments a prime target.
Added to this is the shortage of affordable rentals impacted by high prices encouraging owners to sell and invest in properties reaching the end of their depreciation cycle re-entering the sales market.
Maloney’s experience is that a good investment property in Canberra is one that
Sue also stated,
“If you are looking for an investment property, or are a first home buyer, and have been priced out of Canberra’s inner north and south, then Woden, Weston Creek and Belconnen still offer great potential in 2023.”
Lead up to Christmas 2022
We haven’t said goodbye to 2022 yet! The lead-up to Christmas may offer some opportunities for those looking for an investment property in Canberra, with buyers and sellers looking to achieve a sale before the Christmas shutdown.
“The Canberra property market is still a seasonal one with an influx of students and residents coming and going during the Christmas period and early in the New Year—so we are confident there will be an increase in activity in the lead up to the holiday period,” Sue commented.
If you want to buy property in Canberra, contact our friendly team at Maloney’s Property to make an appointment to discuss your needs.