Canberra house prices experience quarterly uptick

Canberra’s residential property market rose slightly over the June quarter, with subtle gains in outlying regions balancing out a decline in others, new data shows.

According to the latest Domain House Price Report, the figures point to a market that is adjusting rather than surging, as house and unit values shift in line with broader affordability pressures and buyer sentiment.

Domain chief of research and economics Dr Nicola Powell said Canberra house prices edged up 1.1 per cent, or $12,140, to $1.07 million in the quarter.

“This is the city’s strongest quarterly gain in 15 months,” she said. “House prices are now only about $100,000 below the mid-2022 peak, having already recovered roughly one-third of the earlier decline, and are on course to continue a slow recovery.” 

Gungahlin posted a moderate house price increase, rising 1 per cent to a new median of $970,000, while Tuggeranong saw a 1.3 per cent lift to $886,000, bringing its annual growth to 4.9 per cent. 

South Canberra also recorded a modest 1.2 per cent rise in house prices to a median of $1.95 million.

Other areas were more subdued. Belconnen softened slightly by 0.6 per cent, and Woden Valley remained unchanged. North Canberra saw the sharpest fall, down 7.4 per cent to a median of $1.25 million, though values there remain largely flat year-on-year.

The median unit price in Canberra as a whole now sits at $610,752 after its strongest quarterly growth in almost two years. However, price dips in a number of regions indicate that affordability and cautious buyer behaviour are weighing on parts of the unit market overall.