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Canberra property enjoys record-breaking 2016

Highest ever residential sale records were set in 36 of Canberra's suburbs over the course of 2016 - a third of the city's total. 

Allhomes data scientist Nicola Powell said that this is an indicator of how fiercely competitive the market has become in light of falling stock, Domain reports. 

Historically low interest rates were cited as another contributing factor to strong sales, with buyers looking to upsize while it is more affordable to borrow money. 

The fact that new records were set across each of Canberra's districts throughout 2016 has been taken as an indication that growth has been experienced at all levels of the Australian property market. 

Belconnen was singled out as the high achiever, with almost half of its suburbs registering a new record price - and growth seen across all price points in the district's 11 suburbs. 

The £1 million mark was surpassed in Evatt, Kaleen and Lawson for the first time, with sales topping $1.5 million in Weetangera and Hawker.

New suburb records of $742,000, $790,000 and $815,000 were reported in Holt, Scullin and Florey respectively, all of which were closer to the Australian Capital Territory median house price of $661,912.

Dr Powell said that these results exceeded her expectations at the start of the year. 

"In a market where you have rising prices you expect to see records being broken, but this is above what we'd anticipate." 

According to Dr Powell, interest rates could start to rise again in 2017 - although she noted that demand is likely to continue to drive price growth across all regions of the capital city. 

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