If there were a word that were to define 2020, it would be ‘unprecedented.’ Unprecedented pandemic, unprecedented economic loss, unprecedented job loss, and the list goes on.
But if you asked us how we would define 2021 so far, the word would be ‘unexpected.’ Unexpectedly, in the midst of a global pandemic, the ACT managed to record job growth at a rate that has seen the region maintain the lowest unemployment rate in the country. Currently, it sits around just 3.7% compared to a national rate of 6.6%.
Unexpectedly our housing market is soaring to new heights. Between 2019 and 2021, the annual median house price in most Canberra suburbs rose by more than 20 per cent. And later this year, it’s predicted that the overall median house price in the Capital will reach $1 million.
A streak of enormous house sales has meant that 30 of Canberra’s suburb records have been broken this year alone (of which we have shared in many!) and it’s only May.
Canberrans are well aware of how great our no-longer-little city is to live in, and it seems like our interstate counterparts are finally in on the secret. In fact, it’s predicted that over the next two decades, Canberra city is going to need around 100,000 more homes. That’s about 12 homes a day.
Image via Balloon Aloft Canberra
But for us, Canberra’s greatness goes far beyond a hot housing market.
What truly stands out is the corner coffee shop that serves up a locally roasted brew to rival the best of the world. The deciduous trees that line our clean streets and put on a spectacular display of colour at this time of year. The hot air balloons that hover over a foggy Lake Burley Griffin, best viewed from the heights of the Arboretum. The little bars and restaurants with names known across the country.
For those who visit from afar, Canberra is unexpectedly beautiful and exciting. It’s a city that’s grown so much and shows no signs of slowing down soon. Our market is busy, but it’s one full of buoyancy from both a buyer and seller perspective. If there ever were a time to borrow, it’s now, with the Reserve Bank of Australia announcing interest rates will remain low until at least 2024.
Internally at Hayman Partners, we’ve recently experienced a few unexpected moments of our own. In the same week, our sales agents smashed three different suburb records in Swinger Hill, Barton and Theodore. We hosted auctions with attendees nearing 100 and registered bidders in abundance. But most unexpected of all was when we took out the Real Estate Business Award for the Australian Sales Office Metropolitan of the Year. A recognition we are incredibly proud of, especially after the year that was.
We expect to see a few more positively unexpected moments throughout the year and truthfully, we are more excited than ever.