Easter is traditionally associated with a slowdown in the property market, agents in Canberra are anticipating an unexpected upswing that could make April one of the most busiest months of the year.

Jonny Warren of Jonny Warren Properties shares insights into the market anticipated for the month. 

“The market is set to be busier next month than it was at the same time last year.” says Jonny. 

“We’re seeing strong enquiry from potential buyers and a lot of activity at the lower end, particularly for properties under $1 million,” he said.

“In the last week alone, we have sold 11 properties between the prices of $600,000 and $950,000.

“Factors such as reduced borrowing capacity are driving the increase in demand for properties in this price range.”

Meanwhile, MARQ Property’s Sam Taylor has noted an increase of investor interest in the market after a period marred by rate hikes and uncertainty.

“There are definitely more investors back in the market compared to the same period last year,” as said by Sam.

Despite a general lull in consumer sentiment as indicated by a dip in the Westpac Melbourne Institute Consumer Sentiment Index, the perception of the housing market’s attractiveness has slightly improved. 

This comes even as many continue to grapple with the challenges of affordability. The index fell by 1.8% in March to 84.4 from February’s 86, yet assessments on the timeliness of buying a house edged higher.

The index’s recent dip serves as a somber reminder of the persistent cost-of-living pressures, despite previous months’ slight improvements offering a glimmer of hope.

Recent figures from the Australian Bureau of Statistics (ABS) show a gradual relaxation in inflation rates. The monthly Consumer Price Index (CPI) rose by 3.4% in the year to February, with the rate of annual inflation holding steady at 3.4% for the third month in a row. “Housing costs, having increased by 4.6%, were the primary drivers of the February annual rise,” stated Michelle Marquardt, head of prices statistics at the ABS.

In the face of these economic indicators, the post-Easter period is poised to be an especially active time for the Canberra property market.

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JWP proudly drew jersey Number #14 during the Jersey Sponsor Event, a number that will be sported by Danny Levi and Jordan Martin. 

The partnership with the Raiders opens opportunities for community involvement in 2024. JWP is excited to continue offering clients Raiders game tickets and merchandise, alongside running competitions that bring fans closer to the action.

Moreover, the tradition of hosting Game Day events will carry on, including memorable halftime shows that have become a staple during home games.

Jonny Warren Properties have always been about more than just selling homes and telling their stories; JWP has demonstrated its community support through various initiatives, such as organising a charity golf day for Camp Quality in 2021 and sponsoring the ACT Brumbies Super W team in 2022. We are looking to continue this tradition of giving back, with plans to support even more local causes in 2024.

Here’s a couple of the amazing things we’ve done with the community in 2023: 

• Canberra Raiders 2023 – Round 5 Raiders vs Panthers
• EVOLVE – Building Resilience, Connections and Sustainable Growth
• Ben Mill’s Community BBQ Event – St. Greg’s Primary, Queanbeyan
• Sienna Sewter’s Jonny Warren Properties x Mimi’s Pit Stop BBQ Day
• STEPtember 10,000 Steps Challenge
• Christmas Colouring-in Competition

Looking for a real estate agency that puts the community first? Get in touch with Jonny Warren to discover how you can benefit from our expertise! Fill out our contact form, call us at 0431 797 891, or email jonny@jonnywarren.com.au today.

In a striking show of market strength, Canberra’s apartment sector has outperformed residential housing growth with a 10.2% increase in prices over the last year.

This significant rise positions Canberra’s unit market as one of the biggest surges in the country, as revealed in the latest Domain House Price Report.

Throughout the year leading up to December 2023, the average price for apartments grew from $567,557 to an impressive $625,597.

The market has experienced its fourth consecutive quarter of growth, a level of momentum that has not been observed since the 2020-2021 period.

This consistent upward trend has led to a peak in unit prices, effectively recouping the $45,000 loss recorded during the 2022 market downturn, and signaling a strong recovery.

Currently, unit prices are now standing roughly $13,000 (or 2.2%) higher than the last peak observed in the quarter ending in June 2022.

This surge in unit prices has significantly closed the gap between the cost of apartments and houses, narrowing it to the smallest margin seen in over three years, the report details.

Jonny Warren from Jonny Warren Properties provided insights into the Canberra apartment market’s growth this 2024.

“We’re seeing a lot of demand for apartments with owner-occupiers the most active, making up 65% of our sales,” Jonny said.

“About 60% of these are first-home buyers. Our open for inspections are also attracting high numbers.”

Jonny highlighted a recent JWP team win, a three-bedroom apartment on Forbes Street, Turner, which sold for $735,000, and a two-bedroom apartment in Queanbeyan that went under offer within just two days of listing.

Meanwhile, house prices in Canberra have experienced a downturn, settling at a new low of $1.024 million at the end of 2023, marking a 12.9% fall from the June 2022 peak, a drop of approximately $151,000.

This downturn positions Canberra as the capital city furthest from its housing price peak, contrasting with other cities that are at record highs or have already embarked on a recovery trajectory.

If you’re looking to navigate Canberra’s real estate market, Jonny Warren Properties stands ready to guide you through every step. Whether you’re a first-time buyer or looking to invest, our expertise and personalized approach ensure you find the perfect property to call home. Contact us today!

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Two years after a big leap of faith, Jonny Warren has officially marked his presence with the establishment of the Jonny Warren Properties headquarters. The start of this venture was a mix of timely career progression and the unforeseen challenges of the COVID pandemic; a period that tested and ultimately strengthened the resolve of many businesses, including Jonny’s.

Today, the company couldn’t be in a better position. Jonny Warren Properties has recently celebrated the opening of a new office located along Geraldton Crescent in Fyshwick.

“It’s in between Anaconda and Baby Bunting facing Canberra Avenue. It’s a big orange building, you won’t miss it!” Jonny Warren remarks about their new office.

This expansion on December 8th 2023 reflects the company’s impressive growth, having outperformed its own sales records in the last three months compared to the first half of the year.

Jonny, alongside his wife Bel, has fostered a unique culture within their team, emphasizing a family-friendly and people-centric approach. This belief is deeply ingrained in their operations, resonating well with both their staff and clientele. 

The agency’s distinct marketing strategy, under the slogan “Every home tells a story”, is a heartfelt tribute to advice Jonny received from his late-mother at the beginning of his career. This approach includes producing engaging videos that present properties from the vendor’s viewpoint, paired with Jonny’’s and his team’s energetic and captivating personalities. This innovative method aims to reshape the traditional perspectives on property transactions.

For Jonny, the priority remains client-centric, focusing on delivering the best outcomes for them rather than solely pursuing financial gains.

“Our values are based on caring for people,” he states. “I say to all my team, ‘If you chase money, then you’re in it for all the wrong reasons. If you want to do well by your clients and help them out, then that’s how you’ll get rewarded.’”

This philosophy has not hindered the company’s financial success. On the contrary, it has contributed to a loyal client base and a small community, as evidenced by the positive reviews on their website. 

“We’re a small business and put in long hours. But we’re starting to see the benefits of the business growing and we will be expanding further in 2024,” he says. “It’s so pleasing to sit back and reflect on where I was and where I am now, the systems I’ve put in place to [achieve success]…and now we’ve got our own place we can call home

“With my wife in the business, that’s where it has really started to change. She is there for the staff and is a great support to us all. She is simply amazing.”.

Jonny Warren Properties, services the Canberra area and its surrounds and is also a huge part of the fabric of their community. Their contributions include a substantial $60,000 donation to Bosom Buddies and ongoing support to local sports teams like the Canberra Raiders and various junior clubs. This involvement underscores their dedication to giving back to the community that has been integral to their success.

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Despite a slowdown in clearance rates, Canberra’s real estate market is witnessing a notable trend with properties achieving record prices after auction. A prime example is a recently renovated, four-bedroom home in the reputable suburb of Holder.

Setting a new suburb record for the area, 3 Lines Street, Holder sold post-auction for $1.64 million. Jonny Warren, from Jonny Warren Properties, shared the following insights about the property’s market performance.

“It garnered substantial interest, with over 8000 online views, 100 enquiries, 56 inspections, and eight registered bidders at the auction. The property originally passed in at the auction, at $1.58 million, however following the auction, the sale price eventually surpassed initial expectations.”

“It was an emotional campaign with the seller having owned the property for 26 years, transforming the residence from a modest house into their dream family home.”

“New buyers came out of the woodwork immediately after the auction, so it was a great result for all concerned, with the home selling to a young couple who were relocating to be closer to family and who were also expecting a child in January.”

“The feedback for the home during the campaign was interest at around the $1.5 million to $1.6 million mark, but two buyers came out after the auction and began a bidding war, which pushed the price up.”

“Holder is an underrated suburb and becoming a really sought-after area so the strong result the property achieved wasn’t really a surprise.” Jonny shared.

The property is situated on a 1076-square-meter lot, and has been thoughtfully updated over the years for sustainable living whilst offering ample space for family living and entertainment.

The transition of this house into a highly sought-after property reflects Holder’s growing appeal in Canberra’s real estate landscape for a multitude of buyers.

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In an interview with Jonny Warren of Jonny Warren Properties, insights were gathered on the latest trends in Canberra’s property market, which is showing signs of recovery after a prolonged downturn. The city’s housing prices are gradually ascending towards their previous peak levels, marking an end to what has been the most severe market slump in its history.

The Domain House Price Report indicates a positive shift in Canberra’s housing market. For the first time since mid-2022, the September quarter witnessed a price increase, signaling the onset of recovery. Canberra’s median house price now stands at $1,042,730, reflecting a 1.8% rise from the previous quarter.

Dr. Nicola Powell, Domain’s chief of research and economics, confirms Canberra’s market revival. She predicts continued price growth, albeit at a moderate pace compared to the city’s historical quarterly average growth of 3.1%.

The report also notes that the combined national property market has entered its third and second quarters of growth for houses and units, respectively. Despite recent gains, Canberra’s housing market, which was the last capital city to hit a price trough in June 2023, is still 11.3% below its peak. This gap is more significant than in other capital cities.

Dr. Powell elaborates on the unique market conditions in Canberra, marked by a dramatic rise during the pandemic followed by a significant downturn. This cycle, she explains, is the most extreme Canberra has ever experienced.

While house prices are on the upswing, unit prices have seen a slight decline of 0.6% in the September quarter, with the median unit price now 7% below its June 2022 peak. Nonetheless, Powell notes that the decline has softened compared to previous quarters.

Powell also highlights the improvement in Canberra’s listings environment compared to other cities, with total supply currently above the five-year average for this period.

Jonny Warren emphasizes that the increased stock levels have created a buyer’s market in Canberra. He notes the abundance of choices for buyers, leading to longer selling times for properties and a lack of urgency among buyers. Warren observes that sellers are even resorting to price reductions to expedite sales.

Will Honey from The Property Collective offers a different perspective, suggesting that the Canberra market is stabilizing rather than actively rising. He points out the better performance of inner suburbs compared to outer ones and notes a greater market certainty now, particularly with more stable interest rates. Honey believes that both buyers and sellers are gaining confidence, with sellers becoming more realistic about pricing compared to the peak market values. He anticipates interesting developments in the coming quarter.

Source: Allhomes

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