The capital experienced the second highest jump in residential property values in the March quarter with Canberra prices increasing at a faster rate than in Melbourne.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
The Residential Property Price Index rose by 1.1 per cent in Canberra, behind Sydney on 3.1 per cent and ahead of Melbourne on 0.6 per cent, figures released by the Australian Bureau of Statistics on Tuesday revealed.
Elsewhere, the index increased by 0.7 per cent in Adelaide, 0.5 per cent in Hobart and 0.4 per cent in Brisbane.
In Darwin and Perth, the index dropped by 0.2 per cent and 0.1 per cent respectively.
Canberra's residential property prices have risen 3 per cent compared to the same time last year, the fourth-highest jump among Australian capital cities.
In Sydney, prices increased 13.1 per cent between the 2014 and 2015 March quarters, followed by 4.7 per cent in Melbourne and 3.9 per cent in Brisbane.
The total value of Australia's 9.5 million residential dwellings increased to $5.5 trillion, according to the ABS data. The mean price of Australian dwellings is now $576,100, an increase of $8400 over the quarter.
According to figures released by CoreLogic RP Data on Tuesday, the median Canberra house costs $563,000, based on sales over the past month, while the median apartment price was $414,500.
The city's median house price was ahead of Melbourne ($550,000) but fell behind Sydney ($900,000) and Darwin ($620,000).
The median Canberra unit is the fourth highest among the country's capital cities, behind Sydney, Melbourne and Perth.
Over the period measured, there were 235 houses and 106 units sold in Canberra.
In that time, 447 new properties were listed in the capital, up 4 per cent compared to a year earlier, but the total number of listings, 1954, was down 15.1 per cent compared to 12 months earlier.
