Happy October! It’s hard to believe that we are in the back end of the year. The weather is warming up, and daylight saving has commenced. Summer is on its way.
Here is a quick recap of the Canberra property market for last month which was relatively stable, with median house prices remaining steady and auction clearance rates holding above 70%. However, there were some signs that the market was starting to cool, with the number of new listings increasing and the time it took to sell a property lengthening slightly.
According to CoreLogic, the median house price in Canberra in September 2023 was $1,063,071, up 0.7% from the previous month. However, this was down 7.9% from the same time last year. The median unit price in September 2023 was $688,200, up 0.4% from the previous month but down 9.6% from the same time last year.
The auction clearance rate in Canberra in September 2023 was 73.3%, up from 71.4% in the previous month. However, this was down from 80.4% in September 2022.
The number of new listings in Canberra in September 2023 increased by 1.2% from the previous month. However, this was still down by 7.6% from the same time last year.
The median days on market for a house in Canberra in September 2023 was 28 days, up from 24 days in the previous month. However, this was still down from 32 days in September 2022.
Overall, the Canberra real estate market in September 2023 was relatively stable, with median house prices remaining steady and auction clearance rates holding above 70%. However, there were some signs that the market was starting to cool, with the number of new listings increasing and the time it took to sell a property lengthening slightly.
As your mortgage broker, we are here to help you with all of your mortgage needs, whether you are refinancing, buying, or selling a property. We understand that making big financial decisions can be daunting, but we are here to guide you through the process and help you make the best decision for your individual needs. We value our clients and are always here to help you.
Always feel free to contact us if you have any questions regarding your home loan, or if you are thinking of buying or selling your property.
Until next month.
At its meeting today, the Board decided to leave the cash rate target unchanged at 4.10 per cent and the interest rate paid on Exchange Settlement balances unchanged at 4.00 per cent.
Interest rates have been increased by 4 percentage points since May last year. The higher interest rates are working to establish a more sustainable balance between supply and demand in the economy and will continue to do so. In light of this and the uncertainty surrounding the economic outlook, the Board again decided to hold interest rates steady this month. This will provide further time to assess the impact of the increase in interest rates to date and the economic outlook.
The information provided in this newsletter is general in nature and does not take into account your personal circumstances, needs, objectives or financial situation. This information does not constitute financial advice. Before acting on any information in this newsletter, you should consider its appropriateness in relation to your personal situation.
