Average price trends
699,500
Jan
720,000
Feb
700,000
Mar
What are the property taxes in Canberra and are there any other ongoing costs I should consider?
In Canberra, property taxes include stamp duty on purchase and annual land tax, varying by property value. Stamp duty starts from $ 20 AUD for properties under $ 200,000 AUD. Land tax starts at $ 600 AUD yearly for properties over $ 150,000 AUD. Additionally, consider water, council rates, and maintenance fees. More details at revenue.act.gov.au/home-buyer-assistance.
What types of upfront costs and fees will I have to pay when purchasing a property in Canberra?
When purchasing a property in Canberra, Australian Capital Territory, Australia, upfront costs include stamp duty, property inspection fees, loan application fees, conveyancing and legal fees, and Lenders Mortgage Insurance if your deposit is less than 20% of the property's value. These costs vary, so it's crucial to calculate them based on your specific purchase details.
How does the Canberra property market compare to ther regions in the Australia?
The property market in Canberra, with a median house price of approximately $1,074,187 AUD, stands out for its relative stability and government-related employment opportunities that maintain demand. In comparison, Sydney's median is around $1,601,467 AUD, reflecting its bustling economic activity. Meanwhile, Adelaide, at a more affordable $ 695,000 AUD, offers lower entry points for buyers. (Prices as of 2023)
How competitive is the Canberra property market?
The property market in Canberra, Australian Capital Territory, Australia, is quite competitive, showcasing a strong demand for housing. As of recent data, the median property price in Canberra surged to approximately $1,015,833 AUD for houses and $ 504,217 AUD for units, reflecting a robust market. The city's strategic significance as the national capital, coupled with a mix of high-quality living standards, education, and employment opportunities continue to drive its real estate desirability.
