Which Canberra suburbs rank top 5 for 2023? Opportunity for future growth in Canberra is continuing to fuel buyer investment despite rising house values, according to the 2023 McGrath Report.

Consistent growth over the past three years has boosted Canberra’s property market from smaller capital city levels straight on par to high rollers like Sydney and Melbourne.

By the end of the financial year, average dwelling values across Canberra crossed the $1 million mark and were almost 40 per cent higher than pre-pandemic levels at $1,065,317.

Although ACT property prices dropped during the September quarter, Canberra’s median house price is around $1,033,377 and median apartment price is $615,560.

Despite substantial property and rental prices Canberra’s population continues to climb, proving the city remains an attractive place for Australians to reside.

John McGrath’s top 5 Canberra suburbs

O’Connor

“Bordering lush bushland on the edge of the CBD in Canberra’s desirable inner north, O’Connor shone during COVID-19, with upgraders from all over the city recognising the value of its unique bush/city lifestyle and adored local village.”

O’Connor highlights:

• Architecturally significant, energy-efficient homes
• Beautiful, natural surroundings
• Generous blocks of land ranging from 850-1,000sqm

Denman Prospect

“This high-quality developing suburb in the Molonglo Valley is one of the few suburbs left offering vacant blocks and is being developed by a local billionaire, Terry Snow, whose family company built Canberra Airport.”

Denman Prospect highlights:

• Built to meticulous standards with sustainable practices
• Blossoming town centre
• Australia’s first suburb with minimum solar power requirements

Belconnen Town Centre

“Home to major Westfield and several Federal Government departments, the redevelopment of Belconnen Town Centre under a masterplan released in 2016 is well underway, transforming it into a contemporary lakeside community and commercial hub.”

Belconnen Town Centre highlights:

• Upcoming opening of the anticipated Capital Food Market
• Improved landscaping and high-quality residential apartments
• Land release and development around Lake Ginninderra

Forde

“This popular suburb offers a quiet life within a tight-knit and friendly multicultural neighbourhood.”

Forde highlights:

• Privately developed 14 years ago
• Full of high-quality homes and initially known for its popularity with young families
• Adjoined with Mulligans Flat Nature Reserve with numerous walking trails

Woden Town Centre

“Woden Town Centre in south Canberra is buzzing as it transitions from old to new and cool.”

Woden Town Centre highlights:

• Luxury apartment towers
• Included in the Light Rail Stage 2
• Abundance of lifestyle retail precincts

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