House and unit values in Canberra have been rising from new record to new record, and CoreLogic’s Mapping the Market tool reported prices in the ACT are continuing to rise.
The ACT’s median house value increased by 1.2 per cent to reach $1,065,317 while the unit market saw a 2.6 per cent rise to $629,531.
Campbell took out the top spot as the most expensive suburb in the Canberra market, with a current median house value of $2,032,707.
The Canberra suburb with the lowest median house value is Greenway at $688,295.
Of all the 83 analysed suburbs, only two recorded a median house value less than $750,000: Greenway and Belconnen.
Twenty-two suburbs recorded declining house values over the quarter, while the remaining 61 suburbs saw an increase.
Denman Prospect recorded the highest house value rise in the June quarter of 10.4 per cent.
While there was a softening of values in a handful of house and unit markets across the quarter, no annual falls were recorded.
For Canberra units, out of the 49 suburbs that were analysed, just two reported a median value under $500,000: Hawker at $469,027 and Gungahlin at $488,717.
No unit markets hit the million-dollar mark over the quarter and four suburbs saw a decline in median values.
Although Canberra saw notable rises in market values, 41.9 per cent of house and unit markets across the rest of Australia reported a decline.
Canberra seems to have bucked the national trend, but CoreLogic reports the country’s housing market is continuing to fall.
CoreLogic economist Kaytlin Ezzy says nationally, the June Quarter data shows a “significant uptick” in the proportion of declining markets compared to the last quarter.
“This analysis captures two of the three recent rate hikes so it’s not surprising to see the added downward pressure has had a broader impact on the housing market,” Ms Ezzy said.
“Signs of a slowdown and falls in value were already evident before the rate rises but are now becoming more widespread across Sydney and Melbourne and beginning to impact the more expensive areas of Brisbane, Canberra, and Hobart.
“Historically, premium suburbs are more volatile than the more affordable areas, values shoot up much faster during an upturn, but are among the first to fall during a declining market.”
Get local, national and world news, plus sport, entertainment, lifestyle, competitions and more delivered straight to your inbox with the Canberra Daily Daily Newsletter. Sign up here.
