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ACT apartments dropping in value

Date

Stephanie Anderson

The median price for a Canberra unit has dropped below $400,000 for the first time since late 2009.

The median price of units sold in the past three months was $397,750, according to figures issued by RP Data-Rismark today.

The data also showed unit values across the territory fell 0.5 per cent in April.

The price drop has seen apartments in Canberra fall from the third most expensive median price of the capital cities to fifth behind Sydney, Melbourne, Perth and Darwin.

It also brings the median price to less than the aggregate of the eight capital cities, recorded at $425,000.

While the median price tag for a Canberra apartment fell over April, house prices were on the rise.

The median value of a house in the capital increased by 0.2 per cent over the month. The median price of those sold in the past three months was $510,000, the second priciest of the capital cities behind Sydney's $545,000.

Year on year figures for Canberra's median house values recorded a fall of 0.7 per cent, the smallest drop of all the capital cities.

While April saw values reduce across most capital cities, RP Data's research director Tim Lawless said that rents continued to show improvements.

"At the combined capital city level, the weekly rent on a detached house is up by 4.1 per cent over the year to April and unit rents are up by 3.7 per cent," he said.

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