Units bucked price drop in these Canberra suburbs

In a market in which unit prices fell for the third consecutive quarter, North Canberra emerged as a surprising bright spot, with several of its suburbs ranking among Canberra’s top performers in median price growth.

According to the latest Domain House Price Report, Canberra’s overall median unit price dipped 5.7 per cent over the March quarter in step with other major cities.

“Unit prices are also showing slowing growth across Melbourne, Perth and Darwin, which all recorded quarterly declines,” said Domain chief of economics and research Dr Nicola Powell.

“[This is] Melbourne’s steepest in two years and Canberra’s weakest stretch since 1994.”

However, key pockets within the capital bucked the trend. Leading the charge was Bruce in the Belconnen region, which posted an impressive 11.1 per cent annual growth in median unit prices, reaching $505,625, with a five-year increase of 34.3 per cent.

It was followed by other North Canberra suburbs, such as Lyneham (up 3.6 per cent to $538,500) and Watson (up 3.4 per cent annually to $535,000). Reid and Campbell both recorded slightly more moderate annual gains of 2.7 per cent each.

These results outshone those of other ACT regions, where unit prices remained largely stagnant or declined, and reflect a growing preference for well-connected suburbs that offer a premium lifestyle, a central location, and access to employment and education hubs.

Suburbs outside the inner core, such as Phillip in Woden Valley and Narrabundah in South Canberra, experienced modest gains of 2.8 per cent and 2.6 per cent respectively, though Phillip in particular had stronger sale volumes.

According to the report, Canberra unit prices declined by almost $32,300 overall. As a result, annual declines intensified, dropping by approximately $62,800 (10.6 per cent), the steepest annual fall in about 30 years.