Home prices in Canberra were higher in November than they were a year ago, according to the PropTrack Home Price Index.
The report found that home prices in Canberra rose 0.32 per cent during the month of November – the third largest growth of all capitals alongside Sydney – and now sit 0.97 per cent above their level in November 2022.
While Canberra home prices have recovered 2.35 per cent since hitting their low point in February 2023, they remain 4.49 per cent below their March 2022 peak.
Even still, home prices in Canberra have increased 37.2 per cent since the start of the pandemic in March 2020.
Nationally, PropTrack states, home prices have proved resilient to the impact of higher interest rates this. National home prices hit a new record high, although the pace of growth slowed as more properties came to market.
National home prices climbed 0.22 per cent in November to peak levels, bringing them up 5.53 per cent so far this year and 1.29 per cent above their previous peak recorded in March 2022.
All capitals except Darwin recorded price rises in November. Prices in the combined capital cities have outperformed regional markets this year. Although prices in both markets reached fresh peaks in November, capital cities saw stronger growth (+0.26 per cent) than regional markets (+0.12 per cent).
“National home price growth slowed in November, with the spring selling surge increasing choice for buyers,” PropTrack said.
“Strong housing demand, buoyed by record net overseas migration, tight rental markets, low unemployment and home equity gains, has worked alongside limited housing stock to offset the impacts of higher interest rates this year.
“Despite interest rates climbing again in November and the flow of listings hitting the market increasing, housing demand has remained strong and national prices have now risen for 11 straight months.
“Meanwhile, the sharp rise in construction costs and labour and materials shortages have slowed the delivery of new builds, hampering the supply of new housing.
“Looking ahead, price growth is expected to continue as the positive tailwinds for housing demand and a slowdown in the completion of new homes counter the sharp deterioration in affordability and slowing economy. However, prices are likely to lift at a slower pace than they have across 2023.”
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