Gungahlin growth centre of Canberra’s unstoppable property market
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The fast-growing Gungahlin district has proven itself as one of Canberra’s most lucrative property hotspots, with new data showing the region is home to six of the ACT’s top 10 growth suburbs.
New CoreLogic statistics show Gungahlin suburbs, including Palmerston, Forde, Nicholls, Ngunnawal and Harrison, sustained impressive property price growth of between 27% and 30% in the past year.
Other Canberra suburbs to take top billing with hefty growth include the Weston Creek suburbs of Waramanga, Holder and Rivett; as well as Watson in the Inner North.
It comes as Canberra dwelling values have risen by an incredible 21.6% across the board in the past 12 months, with the median house price now in excess of $1 million at $1,055,812.
McGrath Canberra sales agent Natalie Kokic Schmidt said the Gungahlin property market had been gathering pace for some time and buyers were now training their attention on the district’s more affordable suburbs, particularly those with quality schools.
“Palmerston has been a standout,” Mrs Kokic Schmidt said. “We’ve seen huge numbers coming through the open homes in Palmerston and some impressive sales as a result of the price pressure and buyer competition.”
On Sunday, McGrath Canberra sold 181 Kosciuszko Avenue, Palmerston for $1,405,500 – a huge step up from the suburb’s median dwelling price of $974,045.
“I think what’s becoming really important for people is schools and the ability to work from home more, they are making their property investment decisions around quality schools and not as much of a focus on locality to workplaces anymore,” Mrs Kokic Schmidt said.
“Palmerston is one of the older suburbs in Gungahlin so it has the nice big blocks but it’s also close to the Gungahlin town centre. People have started renovating in Palmerston on big blocks close to good schools; and that’s the same in Forde and Nicholls.”
Mrs Kokic Schmidt said Ngunnawal and Rivett were being sought by buyers seeking more affordable options in Canberra’s seemingly unstoppable market.
“Rivett and Ngunnawal are suburbs that have not seen this type of growth, however, because these other areas have become almost unattainable, people are now moving into these suburbs and it has driven prices up,” she said.
“Many people now can’t afford to buy in Forde so they’re looking at Palmerston or Ngunnawal so they can get a foot in the door of Gungahlin.”
Top 10 Capital city suburbs with highest 12-month value growth – Dwellings
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Suburb, median value, 12 month % change
1.????Waramanga: $1,004,939 - 32.3%
2.????Palmerston: $974,045 - 30.8%
3.????Holder: $1,018,358 - 30.4%
4.????Forde: $1,249,722 - 29.7%
5.????Nicholls: $1,321,735 - 28.7%
6.????Ngunnawal: $840,057 - 27.8%
7.????ACT Remainder - Gungahlin $852,835 - 27.7%
8.????Watson: $1,117,576 - 27.7%
9.????Harrison $1,029,405 - 27.4%
10.?Rivett $943,283 - 27.1%
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Source: CoreLogic Hedonic Home Value Index, April 2022
*Data only includes suburbs with a minimum of 20 sales. Data is at February 2022.