Home' API Magazine : September 2014 Contents 103
API SEPTEMBER 2014
SEPTEMBER 2014 API
Dinah Lewis Boucher @DinahBoucher
From its beginnings in the 1970s
as an infill suburb, McKellar has
grown to become an established
family area. It has a resident population
of about 2800 and offers predominantly
API data shows the suburb as number
one for median price growth over the past
12 months at 20.9 per cent (see page 122
for more details).
The area is largely home to professional
working families, according to the Real
Estate Institute of the ACT president
“ The median price is about $650,000
which is above Canberra’s median price.
It’s a popular area,” he says.
“ The suburb average is quite high...
because predominantly they’re good
quality homes. ”
McKellar also recently achieved its first
“ The top price paid in the suburb
was $1,010,000 , which is a good price,”
Tim McInnes is the Luton Properties
agent who made the record sale
“ It was a nice sized property with good
views, but still needed a bit of work. It
sold prior to auction,” he says.
“ People tend to buy in the area because
of the block sizes.
“ There are some really grand houses.
It’s an appealing suburb because of
the nature of the other quality houses
around. The elevation as well, to certain
areas, so you get some nice views of the
“ It’s quite central in Belconnen. You’ve
got a good, quality standard of housing
throughout the suburb; there aren’t really
any bad pockets.
“ There’s a bit of value on the table with
respect to its position. You’ve got other
suburbs around it with higher land value,
commanding a higher price... so buyers
are seeing value on the table. ”
When it comes to looking for the right
family property, good schools are always
a draw card, and as Kumm explains, the
suburb has proximity to those amenities.
“ The schools are good around
McKellar... and it’s very close to the
University of Canberra.”
But as established and family-friendly
as McKellar is, Kumm says due to its low
rate of sales its record growth could be
“ With absolute no disrespect to
McKellar, it’s a great suburb but with so
few sales – all of a sudden it’s popped up
with having the best growth,” he says.
“ That million dollar sale was probably
what pushed it over the top.
“ Very few properties come on the
market. Only between about 28 to 32
would sell a year, and its been fairly
consistent for the last four or five years
around that sort of number.
“ As of today there are five homes for
sale in the suburb. Four of them are
under offer and a various six properties
have sold within the past four weeks. So
basically anything that comes on (the
market is) selling pretty quickly.”
Herron Todd White director and valuer
David James also says he’s surprised by
the data showing McKellar on top.
“ I certainly wouldn’t rate McKellar as
being one of the high growth suburbs,”
“ It’s certainly more an owner-occupiers’
market than an investors’ market there. ”
James says there are neighbouring
suburbs that have been generating
“ There’s been some very big interest
in Lawson, that’s nearby, and it’s a new
suburb it commands very good prices,”
“ That suburb is brand new with brand
new homes. That sort of product will
attract a premium. There’s no two ways
about that. ”
Lawson, also located in the district of
Belconnen, is a better-located suburb
than McKellar, James adds.
And assessing the broader real estate
conditions he says Canberra’s market has
“ Demand at the same time has probably
softened compared to what it’s been
in previous years. That’s due more to
local economic factors and obviously the
Federal Election last year and the Federal
Budget,” he says.
“ The negative sentiment has come
about because of the government move to
reduce public sector employment here...
but that will dissipate over time.
“ We had very strong growth for a lot
of years. That’s just come to an end.
The market has softened, but median
prices across the board have remained
Kumm also says current property prices
are seemingly at a standstill.
“ Property price increases in Canberra
aren’t on the rise. They’ve been
consistently steady now for probably
six months, because of the low amount
of stock – that’s got to put pressure on
prices,” he says.
“ Traditionally in Canberra the real estate
market follows the climate. So there are
probably fewer buyers now.”
But, as a general property trend,
Kumm believes it’s only a matter of time
before the market refreshes and starts
“ Canberra is definitely going to keep
growing,“ he says.
“ So when the buyers come back in
a couple months, there’s going to be
nothing for them, and that’s when we will
see price increases. ” API
MCKELL AR MAGIC
It’s in Canberra’s top five suburbs for growth in the last 12 months and
had its first million-dollar sale. API reveals a little of McKellar’s magic.
æIt’s quite central in Belconnen. You’ve got a good, quality
standard of housing throughout the suburb; there aren’t
really any bad pockets.Æ Tim McInnes
ACT \\ THE STATES
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