FY 2024-25 Property Market Update: Jerrabomberra, Queanbeyan & Googong

In the Canberra region’s outskirts, the suburbs of Jerrabomberra, Queanbeyan, and Googong have seen varied but robust property market activity in the 2024-2025 financial year. 

Over the past year, we’ve observed that Queanbeyan’s market has accelerated, Jerrabomberra’s has steadied, and Googong’s new housing supply has kept its market growth moderate. Below, we break down current prices, trends, and what they mean for different types of buyers and investors in each suburb.

Jerrabomberra: Stable Prices in a Family Favourite

After the sharp rises during the 2020-2021 boom (house values jumped over 30% in one year back then, Jerrabomberra’s house prices have largely plateaued in the latest year. The median house price sits around $1.18 million, essentially indicating a stabilising market.

In other words, house values have been holding steady at these high levels rather than climbing further. The median unit price (including townhouses) is about $635,000, but unit values actually fell over the year.

In fact, CoreLogic data shows Jerrabomberra units down by double digits year-on-year , though this may reflect a small number of sales. Overall, the price gap between houses and units remains large, underlining the suburb’s predominance of family houses

Despite subdued growth, buyer demand in Jerrabomberra remains solid. Houses are still selling in roughly 2 months on average (54 days) , and well-priced homes can move faster given limited supply.

Only about 30 properties are typically on the market at any time , whereas 116 houses sold in the past 12 months – indicating tight stock levels (a low turnover relative to demand). This tight supply, a trend also noted during the pandemic boom (listings were about 40% below normal in 2021) , continues to put a floor under prices. 

Many owners in Jerrabomberra are long-term residents (almost 80% of homes are owner-occupied) , so fewer houses go up for sale, and competition can be healthy for those that do.

In short, the market is neither surging nor slumping: prices are holding firm, and homes still attract plenty of eyeballs and offers, especially family homes in good condition.

Recently Sold by Ben Mills

Jerrabomberra’s Market Appeal

Jerrabomberra saw a major boost in liveability with the opening of its first public high school in 2023, offering modern facilities for local families. The suburb has long been popular with couples and those raising kids, known for its spacious homes, parks, and strong community vibe.

Queanbeyan: Affordability Fuels Growth and High Demand

Queanbeyan, historically a NSW border town and now a small city adjoining the ACT, has seen a strong upswing in its property market over 2024-25. Unlike Jerrabomberra’s plateau, Queanbeyan’s median prices have jumped notably – a reflection of buyers seeking more affordable options than Canberra.

The median house price in Queanbeyan is around $892,500, up about +9% in the past 12 months. 

This is a healthy gain, outpacing many Canberra suburbs and even the national average growth. It suggests that demand for houses in Queanbeyan has been high, likely driven by spillover buyers from the ACT who find better value here. 

Even with that growth, an $890k-$900k house in Queanbeyan is still cheaper than Canberra’s $966k median house value, so the affordability advantage remains.

That large drop likely reflects a limited number of sales rather than a true crash – possibly one year had more high-end sales and the next fewer, skewing the stats. In general, most Queanbeyan houses are in high demand, especially those under the $900k mark which attract first-home buyers and young families.

Houses in Queanbeyan take around 78–80 days to sell on average – a bit longer than in Jerra, suggesting buyers are slightly more price-sensitive or that some listings (perhaps those higher-end 4-bed houses) sit on the market.

In plain terms, Queanbeyan is a seller’s market right now, especially for

units and entry-level houses. Many Canberrans priced out of their city are looking here, which has heightened competition.

Recently Sold by Ben Mills

Queanbeyan’s Market Appeal

The trend in Queanbeyan is one of an “affordability-driven boomlet.” It’s good news for first-home buyers and moderate-income buyers that prices here are lower than Canberra. 

The recent growth in values also hints at some capital gain potential, though future growth may moderate if interest rates stay higher. Families and upsizers who might have been eyeing Jerrabomberra or Canberra’s suburbs could consider Queanbeyan for the combination of

larger block sizes and slightly cheaper prices – the city has amenities like schools, parks, and a town centre, albeit with a more urban feel than Jerra or Googong. 

Meanwhile, downsizers might appreciate the newer apartments springing up near the Queanbeyan CBD or riverside, which allow them to stay in the area but with a low-maintenance lifestyle (and possibly cash out some home equity due to the price difference). 

One thing to watch is supply: there are some new unit developments in Queanbeyan and nearby (and plenty in Canberra), which could keep a lid on unit price growth longer-term. But as of FY 24-25, Queanbeyan’s property market is growing and competitive, fueled by its role as the affordable alternative next door to Canberra.

Googong: A Growing New Suburb Finding Its Balance

Googong is the newest of the trio – a master-planned township still under development south of Queanbeyan. Its property market over 2024-25 reflects a young suburb in expansion mode, where lots of new housing supply is coming on stream, yet demand remains strong thanks to the area’s appeal to families.

Now, with interest rates higher and many new homes for sale, the market is more

balanced between buyers and sellers. Over the last 12 months, around 200–218 houses were sold in Googong – a huge volume, higher than Jerrabomberra and Queanbeyan combined, which underscores the constant supply of new house-and-land packages and resales in this development.

Googong is a master-planned township still in development, as evidenced by ongoing construction and new amenities being built. The suburb’s growth is carefully managed through its master plan, and it’s divided into several neighbourhoods that will eventually total around 6,500 homes for 18,000 people. 

Interestingly, Googong’s unit/townhouse market, though small, showed a big jump in the stats. The median unit price is around $705,000, up a hefty +25% over 12 months . Before getting too excited, note that this is based on a very low number of sales (only ~15 unit sales in a year). 

Googong doesn’t have many apartments yet – most properties are standalone houses or townhouses. This big percentage jump likely means a few higher-end townhouses sold this year, pushing the median up. That said, Googong is planning more varied housing types, including terraces and apartments around its future town center , so we will see a more substantial unit market in coming years.

Many buyers are upgraders moving from apartments or smaller homes in Canberra, effectively first house buyers even if not first property. There’s also interest from some investors who anticipate Googong’s growth, but currently owner-occupiers are the majority (over 80% owner-occupied as of 2021) . 

Googong’s market is competitive but not frenzied: buyers have bargaining power due to supply, but the suburb’s strong appeal ensures properties do sell steadily.

Recently Sold by Ben Mills

Googong’s Market Appeal

A brand-new town doesn’t just bring homes; it brings shops, schools, and services. A $143 million town centre is under construction at Googong Central, set to feature two major supermarkets, a community center, library, fire station, lake and parklands, and more shops and cafes.

All these developments mean Googong is transforming rapidly from a construction zone into a fully-fledged town, which should bolster property values in the long run though in the short term, constant new supply will keep prices from overheating.

This suburb is designed for families. If you’re a young family looking for a brand-new home, modern facilities, and a community vibe (with markets, sports clubs, etc.), Googong is ideal – provided you’re okay with the ongoing construction in parts and the commute (~20-25 minutes drive to Canberra).

First-home buyers with a decent budget do buy here – especially using house-and-land packages or government incentives – though the reality is the price point (around $1M for a house) means most buyers are either dual-income professionals or second-home buyers. 

Some savvy investors have bought land or new builds early and seen capital growth as the town developed, but moving forward the growth may be steadier rather than explosive. For upsizers, Googong is attractive if you want a larger or brand-new home for the money – for example, selling a cottage in Queanbeyan or a townhouse in Canberra might fund a four-bedroom modern home in Googong.

Key Takeaways and Insights for Buyers and Sellers

In conclusion, the property landscape in Jerrabomberra, Queanbeyan, and Googong is healthy and evolving. Queanbeyan is experiencing a mini-boom fueled by affordability and yield-seeking investors;Jerrabomberra is stable and underscored by its desirability for families; and Googong is growing steadily, building the foundations for future value growth. 

Investors can capitalize on the strong rental market in the area, with virtually no oversupply in rentals and consistent tenant interest (vacancy rates hovering near zero). 

As the market stands in 2025, we aren’t seeing dramatic swings, but rather a sustainable environment: prices growing in line with incomes in Queanbeyan, holding firm in

Jerrabomberra, and adjusting to new supply in Googong. 

For anyone looking to buy, sell, or invest here, the key is to stay informed on the latest developments (both market trends and infrastructure news) – as we’ve gathered, this region’s story is one of ongoing growth and opportunity, grounded in the real facts and figures of today’s market.

Reach out to Ben Mills today and make your next move with confidence.

📞 0422 765 130
📩 ben@jonnywarren.com.au
💻 www.jonnywarren.com.au