Key Preferences of Canberra’s Homebuyers in 2024

Despite the lack of interest rate cuts in 2024, Australia’s property market held strong. In Canberra, homebuyers shifted their priorities, favoring scenic views over swimming pools, according to the Domain End of Year Wrap 2024 report. 

Jonny Warren attributed this trend to practicality. “Pools aren’t particularly practical in Canberra, as they’re only used for about three months of the year, whereas a view can be enjoyed year-round,” he said.

With a turbulent year, buyers sought homes that offered serenity and relaxation. 

“It’s been a rollercoaster year full of uncertainty, and many people just want a place where they can come home and unwind,” Jonny added. 

“We recently sold a property in Gordon to a couple with high-profile jobs who were seeking exactly that.”

Beyond views, functionality was a key focus in 2024. Searches for “garage” climbed from 12th to fourth place, reflecting increased demand for secure parking and storage. Terms like “dual living”, “courtyard”, and “RZ2” also remained popular, signaling interest in affordable housing options such as duplexes and split blocks.

In contrast, searches for “study” dropped from second place in 2022 to 11th in 2024, as more workers returned to traditional office environments.

Another key trend was the rising interest in properties outside the ACT. Nearly 47% of Canberran searches targeted NSW, likely driven by the search for more affordable housing while staying close to Canberra.

This year’s data shows a clear preference among Canberra’s buyers for lifestyle, practicality, and affordability, with many embracing new priorities in a changing property market.

Source: What were Canberra’s property seekers looking for in 2024?