Tough market for ACT homebuyers
Canberran home buyers still face one of the toughest markets in the country after median house prices rose throughout the first three months of the year.
Following months of consecutive price drops, the median cost of a house in the ACT rose by 0.9 per cent over the March quarter according to data issued by Australian Property Monitors today.
The median price for a house in the capital is now $561,782, compared to $579,810 a year ago. Canberra remains the third most expensive capital city in terms of median house prices, behind Darwin and Sydney, $628,552 and $641,037 respectively.
It remains above the current national median of $535,080 and median unit prices in the capital are also above the national figure of $406,653 following a cost increase.
The median cost of an apartment in the capital rose by 0.1 per cent in the first three months of the year, pushing the price to $414,651.
Canberra is now the second most expensive capital city in terms of median unit prices, behind Sydney on $462,145.
Despite the recent increases, median prices for both houses and units in Canberra have dropped in comparison to this time last year.
Median house prices fell by 3.1 per cent and the median cost of an apartment dropped by 1.2 per cent.