Canberra Crescent Residences presents some challenges when it comes to a pricing review. At Stacked, our goal is always to provide a clear sense of fair value, but this project brings a few unique considerations to the table.
For one, it is surrounded by several Executive Condominiums (ECs) that were launched at subsidised prices. As points of comparison, these are often misleading due to the inherent discount ECs receive at launch. In this pricing review, we will unpack these nuances and provide a clearer picture of where Canberra Crescent Residences stands in the broader market context.
How does Canberra Crescent Residences' price compare to nearby resale condos?
Canberra Crescent Residences' starting price is higher than most resale options, with prices around $1,880 per sq ft, while older resale condos typically hover between $1,000 to $1,400 per sq ft. Its quantum is also higher, but it sets a new benchmark for quality in the area.
What are the typical prices for different unit types at Canberra Crescent Residences?
One-bedroom units start from $880,000, two-bedroom units from $1.11 million, three-bedroom units from $1.53 million, and four-bedroom units from $2.2 million. These prices are positioned at the higher end compared to resale alternatives.
How has the property market in District 27 performed over the past decade?
Private non-landed properties in District 27 have generally outperformed the overall market, with an annualized growth rate of about 4.4%. The OCR (Core Central Region) has delivered the strongest performance, with a 4.53% growth rate.
What is the size difference between Canberra Crescent Residences units and older resale condos?
Canberra Crescent Residences units are smaller due to post-GFA harmonisation, with one-bedders starting at 409 sq ft and three-bedders at 797 sq ft. Older resale condos often have larger sizes, sometimes exceeding 1,000 sq ft, but include additional space elements.
Why might Canberra Crescent Residences seem expensive despite its prices?
It appears expensive on a $PSF basis because it is a newer project with higher quality, and it is located next to subsidised ECs, which can influence perceptions. However, its overall quantum aligns with newer resale projects in the area.
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