Canberra house values took another tumble in February despite positive quarterly figures, new figures show.
RP Data and Rismark's latest home value index found Canberra recorded a 0.8 per cent decline in dwelling values in February. Only Brisbane, at -2 per cent, recorded a bigger fall, although values were also down 0.2 per cent in Melbourne, Adelaide and Perth.
Only Darwin, Sydney and Hobart recorded positive growth in dwelling values in February, of 0.7, 0.8 and 1.4 per cent respectively.
On aggregate, dwelling values in all Australian capital cities remained flat in February despite a 10 per cent increase during the past eight months.
Canberra house values were down 1 per cent, while unit values were up 1.6 per cent. This compares with a 0.2 per cent fall for houses across the capital cities, and a 1 per cent increase for houses.
RP Data-Rismark national director Tim Lawless said “the February market results are in stark contrast to earlier readings where capital city dwelling values moved 2.6 per cent higher over the past three months.”
"The likelihood is that the weak reading for February is an adjustment from the strong readings in December and January rather than the beginning of a flat to negative growth phase across the macro level housing market," he said in a statement.
Dwelling values in Canberra have increased by 3.3 per cent annually over the past 10 years but have remained stagnant over the past 12 months. Canberra currently has a total return of 4.6 per cent in dwelling value year-on-year.
The data also indicates that Canberra homes sold in the past quarter were the equal second most expensive in Australia, with a median dwelling price of $520,000. Sydney was the most expensive with a median dwelling price of $610,000.