Canberra Market Update: Latest Shifts in Property Prices and Trends
Canberra’s property market saw a slight rise in October, with home values edging up by 0.29%, bringing the median price to $845,000, as highlighted in PropTrack’s latest report. While this marks a modest monthly gain, prices remain 0.09% lower than a year ago and have softened by 5.42% since their peak in March 2022.
Even with these adjustments, Canberra remains Australia’s third most expensive capital city market. Sydney takes the lead with a median home price of $1.108 million, followed by Brisbane at $862,000. Canberra, along with Melbourne and Hobart, was one of the few capital cities to experience price drops over the past year, with Melbourne’s median slipping by 1.49% and Hobart’s by 0.93%.
Looking at the bigger picture, Canberra’s property values have increased significantly since the pre-pandemic period, with a notable 36.2% growth since March 2020. Nationally, property prices across Australia’s capitals continued their upward trend, rising by 0.28% in October and achieving a 5.85% gain over the past year.
These changes reflect Canberra’s unique position in the real estate market, where high demand continues to shape market dynamics despite recent adjustments. Whether you’re planning to buy, sell, or simply keep an eye on trends, having an understanding of these movements can help you navigate the real estate landscape with confidence.
