Canberra property values have continued to climb to record highs as property experts warn consumer confidence could take a hit due to fears over coronavirus.
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In the three months to February this year, Canberra property values rose by 1.1 per cent, with the median value now at $631,862, data from CoreLogic shows.
In the past year, values in ACT properties have grown by 4.1 per cent to give a return on value of nearly 9 per cent.
The data shows Canberra property values for houses and units are the third-most expensive in the country, only behind that of Sydney and Melbourne.
The median house value in the nation's capital is $704,000, up 1.2 per cent last quarter, while the median unit price is at $445,000, up 1.1 per cent in the same period.
However, CoreLogic head of research Tim Lawless said consumer confidence in the property market could decline over concerns from coronavirus.
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He said the virus outbreak would be a determining factor in the months ahead.
"Consumer sentiment readings are already low and a further deterioration could see housing market activity start to slow," he said.
"While housing demand is now relatively insulated from a downturn in foreign buyers, the economic impact on key export sectors such as education, tourism and commodities is likely to result to weaker economic conditions and lower consumer sentiment."
AMP chief economist Shane Oliver said while coronavirus was not impacting on the property market as of yet, the situation could worsen if the virus continued to spread.
"If the situation badly worsens globally and the virus takes hold in Australia then it could become a big short-term negative as the economy slows even further potentially into recession," Mr Oliver said.
"The loss of share market wealth drags on property demand and if people put off buying property along with other activities for fear of catching the virus."
Canberra's growth in property values came as the national market saw its eighth straight month of growth.
Since June 2019, housing values across Australia have risen by almost 8 per cent.
In the last quarter, national property values increased by 3 per cent with the median value now at almost $550,000.
Every capital city recorded growth in the past three months with the exception of Darwin, whose values dropped by 1.8 per cent.
"The primary factors driving this rebound remain in place and include an extremely low cost of debt and improved borrowing capacity," Mr Lawless said.
"However, considering the sluggish pace of household income growth, housing affordability is eroding rapidly, which is likely to see some parts of the market become less active."
Canberra rental yields remain one of the highest in the nation, at 4.7 per cent, only behind Darwin and Hobart on 5.9 and 5 per cent respectively.
Rents went up nationally by four-tenths of a per cent in February, while rental rates went up by 1.4 per cent in the past 12 months.