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Weston Creek has recently risen to prominence in the Canberra Territory's real estate market, becoming a highly sought-after area. Data from the 2023-24 financial year shows that property prices in this area have grown by 5.24%, indicating robust market performance. Known for its predominantly family-friendly residential properties, Weston Creek has attracted significant buyer interest, especially against the backdrop of rising prices in surrounding areas, further enhancing its appeal.

According to CoreLogic, a leading Australian property data research firm, the median house price in Weston Creek reached AUD 937,740 as of June 2023, approximately AUD 70,000 higher than the average house price across the Territory. This reflects high demand in the area and relatively stable market values.

The overall Canberra property market has shown a trend of differentiation over the past year. While average prices rose by 2.2% annually, the single-month increase in June was only 0.3%, indicating market volatility influenced by uncertain factors.

Detached houses performed relatively well in the market, with an annual increase of 3.2%, nearing a median price of AUD 986,000. Meanwhile, prices for medium to high-density residential properties saw a 1.1% decline, with a slight drop of 0.3% in June, resulting in a median price of AUD 587,000. This disparity in performance among property types reflects varying buyer and investor preferences and market responses.

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Apart from Weston Creek, other regions of Canberra also experienced varying degrees of price growth. For instance, Tuggeranong saw an increase of 3.79%, South Canberra 2.77%, North Canberra 2.60%, Belconnen 2.03%, Molonglo 1.86%, Woden Valley 0.47%, and Gungahlin 0.03%. These figures highlight the differing development speeds and market demands across various areas.

Will Honey, Sales and Projects Director at The Property Collective, noted that Weston Creek's market appeal primarily lies in the demand for larger plots of land and relatively lower property prices, attracting buyers looking to invest in Canberra. He also pointed out the imbalance between supply and demand in the market, with some properties attracting numerous bidders while others face competition shortages.

Despite overall market differentiation, Canberra's real estate market maintains relative balance between supply and demand, distinguishing it from other capital cities. Tim Lawless, Research Director at CoreLogic, attributes Canberra's market stability to increased housing supply, particularly in high-density residential developments, which has limited the rise in unit prices.

Regarding the rental market, Mr. Lawless noted relative stability in Canberra, despite a slight decline over the past year, with a 2.4% increase observed in the last quarter. This contrasts sharply with the rising rent trends in other capital cities, primarily driven by immigration and supply shortages.

Chief Minister Andrew Barr, speaking ahead of the budget announcement, indicated plans to expedite land releases to address the market's oversupply situation, thereby exerting downward pressure on rents and house prices. This policy is expected to have a positive impact on market supply and demand dynamics, especially for citizens seeking to buy or rent homes.