Canberra’s house prices have fallen across the 2022 June quarter, but rising interest rates and inflation continue to impact affordability, according to the latest Real Estate Institute of Australia (REIA) Real Estate Market Facts, powered by Managed.
The June quarter saw a combined decline in the weighted average capital city median price for all dwellings across the Australian residential property market, REIA president Hayden Groves said. House prices fell by 1.8 per cent and other dwellings by 0.6 per cent.
Across the eight capital cities in the June quarter, the weighted average median house price fell to $1,012,230.
Canberra’s median house price fell by 2.9 per cent to an even $1,000,000, although there has been a 15.3 per cent increase over the last 12 months.
The Inner Central has the most expensive median house price at $1,610,500; the Inner South comes in second at $1,233,000; the West and North recorded $960,000; and the Outer South recorded $915,000.
All zones in Canberra saw a decrease in median house prices in the quarter: 0.6 per cent in the Inner Central, 2.9 per cent in the Inner South, 0.8 per cent in the West and North, and 1.6 per cent in the Outer South.
However, in the past year, Canberra’s median house prices increased across all zones: 15.1 per cent in the Inner Central, 12.1 per cent in the Inner South, 20.8 per cent in the West and North, and 18.4 per cent in the Outer South.
For all other dwelling sales, Canberra’s median price remained stable at $600,000, but with an annual increase of 5.6 per cent.
The West and North was the only zone to see the median other dwelling price rise by 1.8 per cent, while the Inner Central median decreased by 0.8 per cent, the Inner South by 14.1 per cent, and the Outer South by 3.6 per cent.
In the past 12 months, all zones but one saw a median other dwelling price rise as the Inner Central increased by 2.6 per cent, the West and North by 9.8 per cent, and the Outer South by 17.7 per cent, while the Inner South decreased by 3.4 per cent.
“This defies the Reserve Bank’s latest comment on potential house price falls, and simply demonstrates the current market conditions are the adjustment ‘we had to have’,” Mr Groves said.
“At $530,000, Perth offers great value with the lowest median house price across Australian capital cities, 47.6 per cent lower than the national median.”
In Canberra, the median rent for a three-bedroom house increased to $650 per week – an increase of 3.2 per cent in the June quarter, and of 12.1 per cent in the past 12 months.
The most expensive rent across all of Canberra is a four-bedroom house in the Inner Central for $900 per week; down by 1.1 per cent in the quarter and an increase of 4.7 per cent in the past year.
The least expensive rent across all of Canberra is a one-bedroom dwelling in the Outer South for $430 per week.
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