Woden Valley joins the million-dollar house club

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The view from Woden Valley. Photo: AllHomes

BUYING in Woden Valley has broken the million-dollar mark after the pandemic year witnessed its house prices soar by more than 18 per cent.

Median house sales jumped to $1.062 million in March 2021 from $900,000 last year in the biggest increase from the eight residential districts of the ACT of the past 12 months.

Recent data from the Domain House Price Report indicate Woden Valley last month joined Canberra’s Inner North as the third location to sell for more than $1 million.

The Inner North that comprises of 14 suburbs also surpassed the magical seven figures for the first time to reach $1.080m after dwellings sold 12 months earlier for $920,000.

The most expensive properties remained in the Inner South after median prices jumped for $1.5m in a 14.1 per cent rise.

Median house prices throughout Canberra were announced last week to have surged by 9.7 per cent to $927,577.

Domain senior research analyst Nicola Powell had attributed a “higher average wage, job security and low mortgage rates” to have spurred buyers to upsize their dwellings.

HOUSES                      | MEDIAN HOUSE PRICE ACROSS CANBERRA REGIONS
Region Rank Mar-21 Mar-20 Rise
Woden Valley 3rd $1,062,500 $900,000 18.1%
North Canberra 2nd $1,080,000 $920,000 17.4%
South Canberra 1st $1,500,000 $1,315,000 14.1%
Tuggeranong 8th $700,000 $615,000 13.8%
Belconnen 7th $705,000 $635,000 11.0%
Gungahlin 6th $752,000 $700,000 7.4%
Weston Creek 5th $785,000 $734,000 6.9%
Molonglo Valley 4th $835,000 $925,000 -9.7%

 

The oldest satellite city, dating back to 1964, separate from Canberra Central district has buyers either priced out or unable to find affordable vacancies in the Inner South.

“This is a tightly held region,” Anthony Weston, of Blackshaw Woden, said.

“Once people buy a house here, they don’t leave, so the turnover of properties is very low, but very competitive, and that has only fuelled demand.”

Tuggeranong remains the most affordable Canberra location, but figures suggest because of that affordability the southernmost district has lured buyers.

The median home rose nearly 14 per cent to $700,000 to almost surpass Belconnen that was up by 11 per cent.

Molonglo Valley was the only location to slump, falling close to 10 per cent from $925,000 to $835,000 for the median property.

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