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Gungahlin house prices on the move
18 March 2012
(Source: extract from the Canberra Times)

Gungahlin is tipped to see some of the biggest increases in house prices throughout Canberra.

In 2011, Palmerston recorded the largest increase in median house prices, jumping 10.1% to $513,750 through the 12-month period.

Australian Property Monitors predicted the median price in Gungahlin will increase by more than 4 per cent throughout 2012, but not all Gungahlin suburbs look set to share in this growth.

A third of Canberra's strongest growth areas are in Gungahlin, a figure Christine Shaw from Luton Properties believed was associated with its relative newness. "A lot of the market when they go looking for homes don't want to embark on a renovation project," she said. "There's not much work to do on these Gungahlin homes".

Real Estate institute ACT director Craig Bright said the trend was also boosted by first and second home buyers, a demographic which gravitated towards newer homes on the edges of Canberra. "These suburbs have a concentration of young families with children," he said. "That then tends to attract other families to the area."

Although there was a lot of growth in median prices for the Gungahlin area in 2011, not all suburbs were predicted to increase in value over the next 12 month.

Houses in Bonner, Harrison and Forde were all forecast to record zero growth, while the median unit price in Gungahlin was expected increase by 2 per cent, less than inflation.

What do you think? Will house prices in Gungahlin rise or fall over the next two years? Have your say!
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