Canberra house prices are creeping upwards as the property market continues its gradual recovery following last year's downturn which was sparked by rising interest rates. Real estate agents say they're seeing plenty of older Australians looking to downsize at auctions, making it even tougher for first home buyers that are hoping to get a foot in the door.
Category
📺
TVTranscript
00:00 Then we're selling, selling.
00:02 Sold it.
00:03 Congratulations.
00:04 Well bid.
00:05 And the highest bidder isn't even in the country.
00:08 I was bidding on behalf of a lady.
00:11 She's on holidays at the moment in England with her family.
00:14 She's a downsizer.
00:15 So like you said, easy, single level, manageable home.
00:18 So perfect for her.
00:20 House prices in Canberra soared during the pandemic, hitting their peak in May last year.
00:26 Then as the Reserve Bank started hiking interest rates, prices dropped accordingly.
00:30 Now they're creeping up, but very slowly.
00:33 For young people trying to get a foot in the door, these auctions can feel like a mismatch.
00:38 The older generation can definitely afford to go that extra 100k at the auction just
00:44 to snap it up.
00:45 Many see dipping into the bank of mum and dad as the only way to balance the scales.
00:50 You want to know that you can stand on your own two feet by yourself and not have to rely
00:55 on your parents.
00:56 But at the same time, any help that you can get, you should take because not everyone
01:03 has that privilege.
01:05 Calling for an opening bidder offer.
01:07 While ownership remains tough, Canberra is now an easier city to find a rental compared
01:11 to Sydney or Melbourne.
01:13 That's because there's more on offer.
01:15 When you compare it to other markets that have seen really strong rental growth, like
01:19 say Sydney or Melbourne, they're sitting at around 30 to 40% below their average.
01:26 So that's helping put some upwards pressure on rental values.
01:29 Agents are expecting an auction frenzy next weekend as buyers try to secure their dream
01:34 home just in time for Christmas.
01:36 [BLANK_AUDIO]