If you didn’t have a conversation last year that went something along the lines of, ‘Did you see how much that house sold for on the weekend?” or “Did you hear about that record price in ‘insert-just-about-any-suburb?” we’re not sure we can be friends. Just kidding, of course.
With reports indicating national housing values increased in 2021 by just over 22%, let’s delve a bit deeper into the figures to find out the how estimated property values changed in *your* suburb.
Realestate.com.au recently released a PropTrack tool to help you determine exactly that.
Here’s is a link to the desktop version. And if you’re on your phone, on the couch, the mobile-friendly version is here).
What does this tool do?
You can use this tool to discover the change in estimated property values per suburb, separated by property type (i.e. houses or units).
It shows estimated values of house prices grew 26.8% nationally in 2021, whereas unit prices grew by 13.4%.
Whilst the tool also reports the change in buyer demand per suburb and property type (it reports how many “highly engaged buyers” there were throughout 2021), given it’s not clear how this measure has been calculated, we strongly suggest taking this information with a grain of salt.
Please note – there are always limitations with tools like these, due to the accuracy and completeness of the data they rely on. As such, whilst we always find them interesting to look at, we recommend you don’t rely on them solely for your property research.
How does your suburb compare?
Using the tool, you can very quickly and easily see how your suburb stacks up to neighbouring suburbs.
If you want to take this a step further and see how your suburb compares to best performing suburbs in the territory, Canberra’s top ten performing suburbs – for house and unit price growth – are shown below.
Largest growth in average estimated house value (Dec 20 vs Dec21)
Largest growth in average estimated unit value (Dec 20 vs Dec21)
If all this talk of price growth has got you wondering about your own property and what options might be available to you, you’ve come to the right place.
Whether you’re looking to purchase your first home, or want to learn more about how to leverage the equity you might have built up in your current home, we can help!
Just give us a call on 02 6286 6501. Alternatively, you can provide us with some preliminary details here and we’ll be in touch with you soon.
