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House and unit prices continue to rise in Canberra: ABS

House price report - December quarter 2016
National median unit price hits record high, while median house prices decrease in Perth and Darwin.

House and unit prices have continued to rise in Canberra but not as fast as many of our interstate counterparts, new ABS data shows.

The Residential Property Price Index released on Tuesday places the national’s capital in fourth place for growth among Australia’s capital cities, with ACT prices rising 2.8 per cent over the December 2016 quarter.

Property prices continue to rise in Canberra.Property prices continue to rise in Canberra. Photo: Glen McCurtayne

Canberra residential property prices have grown 5.5 per cent since December 2015, according to the data.

The quarterly and annual changes fall below the capital cities weighted average of 4.1 per cent and 7.7 per cent respectively.

Sydney and Melbourne have largely driven up the weighted average, with quarterly price growth of 5.2 per cent and 5.3 per cent.

Year-on-year growth is almost double Canberra’s, with prices rising 10.3 per cent in Sydney and 10.8 per cent in Melbourne.

The ACT’s 2.8 per cent rise over the December quarter follows a 0.8 per cent increase over the September quarter, and a 2.2 per cent jump over the June quarter.

Standalone properties lead the charge with a 3 per cent jump in house prices over the December quarter, and a 6.6 per cent spike year on year.

Apartment growth was more modest with 2.3 per cent growth over the quarter and a 2 per cent increase year on year.