House prices tipped to hit record this year
Canberra’s property market is on track to set records for house prices this year, a new report has predicted.
Median prices for houses and units in the capital increased during the December quarter, figures issued by Australian Property Monitors showed on Wednesday.
The house price report – based on a sample of prices – said price rises for both property types were above the national rates of growth over the quarter.
House and unit prices increased 2.1per cent and 3.8per cent respectively.
However, the median unit price fell 0.6per cent last year, while the growth in house prices was less than the national average at 0.7per cent.
Australian Property Monitors senior economist Andrew Wilson said Canberra’s prices were now below the city’s median house price peak, but that could change over the coming months.
“On current trends, Perth, Canberra and Darwin can be expected to achieve their record house prices sometime in 2013,” he said.
“Although local factors still predominate housing markets, the general improvement to affordability and confidence as a consequence of record low interest rates will fuel increased buyer activity and confidence.”
The median house price for Canberra was $566,003, the third most expensive of the capital cities behind Sydney and Darwin.
The median price of a Canberran unit was also cheaper than Sydney and Darwin, at $415,194.
It was also less expensive than the national average of $417,123.