Average price trends
610,000
Jan
749,000
Feb
699,000
Mar
What are the property taxes in Canberra Central and are there any other ongoing costs I should consider?
In Canberra Central, property owners pay rates, calculated on the property's average unimproved value. As of 2023, the typical annual charge is around $ 3,000 AUD. Additionally, consider conveyance duty costs when purchasing and Land Tax if the property is a rental, averaging at $ 1,100 AUD annually. For precise calculations, visit revenue.act.gov.au.
What types of upfront costs and fees will I have to pay when purchasing a property in Canberra Central?
When purchasing a property in Canberra Central, upfront costs typically include: stamp duty, loan establishment fees, building and pest inspection fees, legal/conveyancing fees, and a deposit (usually 10-20% of the purchase price). Costs vary substantially based on the property price and buyer's circumstances. Always consult a financial advisor or conveyancer for specific advice.
How does the Canberra Central property market compare to ther regions in the Australia?
As of early 2023, Canberra Central's median property price stands at approximately $ 895,000 AUD, distinctly higher than Brisbane's $ 720,000 AUD but lower than Sydney's $1,310,000 AUD. This showcases Canberra Central as a moderately expensive region for property buyers, nestled between the more affordable Brisbane and the pricier Sydney market. Canberra's market demonstrates stability with modest growth, contrasting to Sydney's fast-paced growth and Brisbane's appeal for those seeking better affordability.
How competitive is the Canberra Central property market?
The property market in Canberra Central is highly competitive, with the median property price as of March 2023 being $1,010,904.90 AUD for houses and $564,567.12 AUD for units. A notable sale was a residential house at Griffith, a suburb within Canberra Central, fetching a sale price of $2.73 million AUD. Rapid sales periods, typically within a span of 25-35 days on the market before a sale, underscore the demand. Prices have seen a 9.74% increase, signaling robust competition among buyers.
