Canberra property prices recorded the lowest growth of the capital cities over the March quarter, according to new figures released by the Australian Bureau of Statistics on Tuesday.
In the three months to March residential property prices in the nation's capital were up by only 0.2 per cent on the previous quarter.
This was the lowest growth rate of the capital cities. Melbourne had the highest growth at 2.1 per cent, followed by Sydney at 1.9 per cent.
Adelaide had the second lowest growth rate at 0.4 per cent.
Nationally, prices were up 1.6 per cent, the release of the Residential Price Indexes showed.
The mean price for residential dwellings in the ACT is $701,000, this is up from $699,800 in the December quarter.
This is the third highest of the states and territories behind NSW ($890,400) and Victoria ($754,600).
Canberra's performance was boosted by house prices, which rose 1 per cent. But detached dwellings were down 2.4 per cent.
There were 772 established house transfers over the third quarter and 716 attached dwelling transfers.
Over the 12 months to March, Canberra's residential property prices were up 3 per cent. House prices rose by 3.5 per cent over the year and detached dwellings rose by 1.4 per cent.
The effect of the coronavirus pandemic on property prices is unlikely to be known until the next quarter's data is released as COVID-19 restrictions did not come into effect until late March.
"Estimates are in line with expectations. The majority of restrictions relating to COVID-19 came into effect in later March and therefore did not have a noticeable impact on property prices in the March quarter 2020," ABS chief economist Bruce Hockman said.
Real estate agents were forced to cease open homes and on-site auctions as part of social distancing restrictions.
In Corelogic's latest Home Value Index, Canberra was one of only three capital cities to record an increase in housing values over the month of May.
The nation's capital recorded a 0.5 per cent increase over the month. This was the second highest growth of the capital cities, behind Hobart's 0.8 per cent.
The Residential Price Index release came after the ABS released data on lending to households and businesses last week.
Figures from April showed the value of loans dropped 5 per cent nationally, in seasonally adjusted terms.
The purchase of existing dwellings from owner occupiers had its largest fall in more than a decade.
The number of first-home buyer loans fell by 3.8 per cent in seasonally adjusted terms, according to the bureau.