Boasting world-class museums, an up-and-coming foodie scene and picturesque lakes and reserves, Canberra has lots to offer in the way of liveability. And while the city might not be the first port of call for property buyers, there’s plenty of potential for growth in our nation’s capital.
If you’re thinking of buying property, knowing the median house price in Canberra is the first step to finding a property that’s right for your budget. Likewise, if you’re planning to sell your property in Canberra, getting to know the state of the market is key to selling at the right time, for the highest price.
Here’s a guide to average house prices in Canberra to help you get started.
Average house prices in Canberra
At the end of the September 2019 quarter, Domain reported a average house price in Canberra of $738,864, and an average unit price of $432,252 – making Canberra the country’s third most expensive capital city to buy a house.
House prices dropped by 0.7% over the quarter but rose 0.6% over the year. Unit prices dropped by 4.4% over the quarter, a sign of mixed results throughout the city. mixed results. Woden Valley and the Inner North saw the largest price falls in the September quarter, while Inner South saw an increase in unit prices.
Despite some market fluctuations, property owners in Canberra continue to see steady equity growth, with annual price rises for just over six years.
Average Canberra house prices over the past five years
Despite some market fluctuations, property owners in Canberra continue to see steady equity growth. Over the past five years, Canberra has weathered a tough market with tighter lending conditions and recorded annual increases every year except 2019, when prices took a modest dip.
- Canberra median house price 2015: $616,313
- Canberra median house price 2016: $661,912
- Canberra median house price 2017: $723,980
- Canberra median house price 2018: $740,213
- Canberra median house price 2019: $738,864
How do median house prices in Canberra compare to the rest of Australia?
Compared to Australia’s major cities, Canberra is the third most expensive city to buy a house, behind Sydney and Melbourne. On average, however, house prices in Canberra are almost 15% cheaper than Melbourne, and more than 30% cheaper than Sydney.
Median house prices in Australian capital cities
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Sources: Domain Property Group
What are the most expensive suburbs in Canberra?
According to Upside’s million dollar suburbs map, the suburb of Forrest is home to Canberra’s most expensive property. Nearby Griffith, Red Hill and O’Malley are amongst some of the city’s priciest suburbs, with average house values just under $2 million.
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