Canberra’s median house price has continued to climb, surpassing the million-dollar mark for the first time in the June quarter of this year.
According to Domain’s house price report, the median price for a house in the ACT is now $1,015,833, up more than 10% on the previous quarter and nearly 30% on this time last year.
Canberra joins Sydney and Melbourne in the million-dollar-median club in a “huge milestone for the city”, recording the largest growth in the country over the quarter for both houses and units. That’s a growth rate of just over $1,000 per day.
“It’s the steepest price acceleration in almost three decades,” says Domain senior research analyst Nicola Powell.
“The Inner North, the Inner South and Woden Valley all have median house prices of above $1 million.
“Since the pandemic, Canberra house and unit prices have recorded the highest rate of growth compared to all of the other capital cities.”
The median unit price in Canberra is now at $504,217, up 3.6% or nearly $18,000 on the last quarter and 4.7% for the year. Development across the Territory has slowed growth, but Dr Powell says units are edging closer to a record median price.
Dr Powell says the largest growth within the capital has been seen in Woden Valley and North Canberra, both looking at growth of more than 30%. She says the most affordable area to buy a house is Tuggeranong, with a median of $753,000 and Belconnen for a unit at $448,500.
As always, Canberra’s higher-than-average income, large public sector workforce, and lifestyle have been touted as drawcards for interstate migration, buoying the capital’s tight market with the number of properties for sale at a multi-year low.
“Canberra houses have experienced the steepest price acceleration in almost three decades as buyer demand is unable to keep up with supply,” says Dr Powell.
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