Canberra’s real estate selling conditions over the December quarter saw a decline in housing values in all 83 suburbs analysed in CoreLogic’s latest Mapping the Market report.
House prices
With 100 per cent of ACT suburbs analysed recording a drop in housing prices, the sustained downswing saw many suburbs report an annual decline over 2022.
From January to September last year, 27.1 per cent of Canberra suburbs recorded a price decline, increasing to 86.7 per cent of suburbs across the entire year.
Compared to December 2021, house values across Canberra in the December 2022 quarter were 4.9 per cent lower, and in the September quarter were 3.7 per cent lower.
The Canberra suburb that saw the largest decrease in housing values was Cook, recording a 7.8 per cent drop over the December quarter.
Dunlop recorded the smallest decrease in house values at 0.6 per cent over the quarter.
The suburb that topped the median house value leaderboard was Campbell at $1,842,428.
Belconnen recorded the lowest median house value at $618,151.
Real Estate Institute of the ACT (REIACT) CEO Maria Edwards said that considering the Canberra market’s volatility is less of an issue than other states and territories, the ACT remains a “solid” option for home buyers looking for long-term stability.
“Whilst the median value of houses fell in all suburbs, the drop at 4.9 per cent over the past 12 months was still much less than the falls in Sydney (13.2 per cent) and Melbourne (9.4 per cent), which suggests our market is more resilient despite the tough economic conditions,” Ms Edwards said.
Commentary from Canberra real estate agents reflect well-attended open homes since Christmas, she said.
However, the next expected interest rate rise would further erode borrowing capacity.
“Whilst home prices are a little less predictable, vendors have had time to adjust their expectations and the agents who have been through this market cycle before aren’t panicking,” Ms Edwards said.
Unit prices
Canberra’s unit values dropped by 2 per cent over the December quarter, falling from a median price of $600,000 to $599,937.
Despite the fall, Canberra remains the second most expensive capital city for units with 88.9 per cent of the 45 suburbs analysed recording a median unit value above $500,000.
Hawker’s median unit value increased by 2.2 per cent – the highest of all Canberra suburbs – while the ACT Remainder – Gungahlin area recorded the highest decrease at 7.0 per cent.
Nicholls is the most expensive suburb for units with a median value of $803,839.
Chifley is the least expensive suburb for units with a median value of $458,926.
The portion of Canberra suburbs recording a quarterly decline in unit values increased slightly from 85.1 per cent in the September quarter to 86.7 per cent in the December quarter.
Eight suburbs recorded a unit median price decline year on year (17.8 per cent).
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