Chapman enters top 10 priciest suburbs

By realestate.com.au. Quotes provided by Jonathan Irwin.

By Jonathan Irwin

07-09-2020 |
Blue-chip areas in Canberra’s inner circle have predictably dominated the city’s list of priciest locations, but a couple of surprise suburbs have ascended into the latest top 10.

New data from realestate.com.au reveals the most expensive suburbs in Canberra for the 12 months to 30 July 2020, which includes sought-after central, inner south and inner north locations, as well as entries from Woden and Weston Creek.

Old-Canberra stalwart Red Hill topped the list with a median sale price of $1.6 million, up 10 per cent year-on-year.

Neighbouring Griffith ($1,455,000) and Deakin ($1,375,000) came in second and third, respectively.

Last year’s number one, Yarralumla, dropped to fourth position with a median sale price of $1,350,000, followed in order by Campbell, Ainslie, O’Connor and Narrabundah.

The ninth and tenth spots went to two unexpected additions from outer districts: Isaacs ($965,000) and Chapman ($963,750).

Suburbs must have had at least 30 sales to qualify, which is why some of the city’s tightly held premium areas didn’t make the list.

Red Hill’s higher median sale price was affected by a record-making $8 million sale on the suburb’s Golden Mile in March this year.

Bill Lyristakis, Berkely Residential – Kingston, the selling agent for 25 Mugga Way, said there were many attributes that made Red Hill “the most valuable in suburb in Canberra”.

“It’s split into two parts: old Red Hill, which is made up of large holdings that were given to senior public servants in the 1930s and ‘40s, where they kept orchards, chickens etc. As times progressed, [the blocks] have not been reconsolidated and are still around 4000-5000sqm – some even up to 11,000sqm,” Mr Lyristakis said.

“In the new part of Red Hill, blocks are about 1000-1100sqm. So it’s largely in part to the inner south location but also the land holdings.

“You can get larger homes, really large blocks, tennis courts, pools … they’re really sought-after.”

Chapman in Weston Creek has experienced strong price growth across the last few years to ascend to tenth position.

Jonathan Irwin, director of Irwin Property and Chapman resident, said the suburb’s median price was “around $750,000 three years ago” and has become popular for its peaceful lifestyle offering.

“I live in Chapman and I think one of the nicest aspects is that it’s elevated and on the northern side of the hill, Cooleman Ridge, which gives beautiful northern light and views,” Mr Irwin said.

“Then you’ve got the nature reserve, generous big blocks, nice gardens and lots of interesting architectural styles.

“It’s easy to just jump in the car to go to the shops, but you can walk or ride to nature. It’s the best of both worlds.”

Chapman’s median sale price now sits at $963,750 – up 3 per cent year on year.

By Louise Baxter
realestate.com.au

Read the original article here - https://www.realestate.com.au/news/surprise-additions-to-canberras-10-priciest-suburbs-shows-broad-growth/