Property prices around Australia are increasing at record rates, and Canberra is one of the leaders.
Thanks to year-over-year growth of 30%+, our nation’s capital now has one of the strongest property markets in the country. However, Canberra also boasts Australia’s highest average income and lowest unemployment rates. If you want to take advantage of all Canberra offers but are concerned about housing prices, we’ve got you covered.
We’ve found some up-and-coming suburbs that are potentially undervalued and could become property hotspots in the future.
Here are our top picks.
1. Denman Prospect
Denman Prospect was one of the first suburbs of the Molonglo Valley region. The suburb features larger blocks of land than what you’d find in inner city developments. But it’s not far from the action, only 15 minutes away from the CBD.
The area has plenty of parks, playgrounds and amenities. It’s also home to the main shopping centre of the district, which features:
● Club Lime gym
● A supermarket
● Medical amenities
On top of this, the area will soon be connected to Canberra’s light rail network, making commuting around the city a breeze.
Strathnairn is a new development in the popular Belconnen district. It’s an excellent option if you prefer quiet streets and being close to nature.
However, the suburb is still a stone’s throw away from all the amenities you could need, including:
● Restaurants and other eating options.
● Kippax Fair Shopping Centre.
● Kingsford Smith School.
● Magpies Golf Club
● Westfield Belconnen.
And the city isn’t far away either, being a 20-minute drive away. There are also plans to build more sporting facilities, schools and several community centres.
Taylor is Canberra’s northernmost suburb in the district of Gungahlin. While it’s a bit further from the CBD (roughly a 30-minute drive) than other suburbs on this list, the surrounding suburbs are well developed. This means you won’t have to travel far to find what you need.
You’ll find several malls in nearby suburbs that feature:
● Cafes and restaurants.
Within Taylor, you’ll find plenty of outdoor amenities such as parks and sports grounds. You’ll also find the Margaret Hendry Primary School.
Throsby, another Gungahlin suburb, is a tiny stretch of development that borders the Mulligans Flat and Goorooyarroo nature reserve. However, amenities aren’t far away as the suburb is a short five-minute drive from Gungahlin’s Town Square.
The initial development wasn’t supposed to feature a school, but due to demand, the small suburb has Throsby Primary School.
Surrounding suburbs feature:
● Public & private schools.
● Farmers markets.
● Golf clubs.
● Shopping centres and supermarkets.
Back over to sleepy Molonglo Valley, we have the suburb of Whitlam. Situated in the district’s northwest corner bordering Belconnen, it’s distanced from the hustle and bustle of town centres but close enough to get there in a flash.
Nearby amenities include:
● Westfield Belconnen (8 minutes)
● Denman Village Shops (7 minutes)
● Education (8 minutes)
The suburb itself features playgrounds and small sports facilities.
Getting around Whitlam is a breeze with the number 47 bus route, high-quality cycling routes and quiet streets. Plus, the suburb will also link with Canberra’s light rail in the future.
Take Advantage of the Strong Property Market in Canberra
While Canberra has experienced strong and growing property prices, you can still find value if you look in the right places.
All you need to do is have a bit of imagination to picture how a suburb will look in the future and the patience to wait for demand to rise.
If you’re interested in checking out these suburbs or have another one in mind, have a chat with our real estate agents. We’ll help you navigate Canberra’s booming property market and find you a hidden gem.