Dickson and Phillip are among the Canberra suburbs which have not kept pace with ACT house price growth, as experts say the booming property market is starting to show signs of slowing down.
A record for property values in the ACT has been set every month since September 2019, CoreLogic head of research Eliza Owen said, but affordability issues had started to creep in slowing the market.
CoreLogic analysis of 59 Canberra suburbs found five had experienced a boost in available stock, while price growth sat just behind the territory-wide figure of 15.6 per cent.
At the end of May there were 1600 properties for sale, 25 per cent below normal, Ms Owen said. Demand remained high thanks to record low interest rates.
Phillip had the lowest price growth in the past 12 months at 10.2 per cent, compared to the territory growth of 15.6 per cent.
There was also an increase of listings in Phillip of 14 extra properties last month compared with the five-year average over May.
Further south, Richardson properties increased in value by 12.9 per cent over the year while there was two more listings last May than the five-year average.
Higgins and Latham came in with a 13.7 and 13.8 per cent rise respectively, with an increase of two and three properties each above the five-year average.
Dickson came in just under the ACT growth at 14.9 per cent and an extra three properties listed last May compared with the five years prior.
Over the 59 suburbs analysed, Ms Owen said only 10 had at least one more listing than the five-year average.
"I don't think the ACT is yet at a point where prices would begin to fall, but I think affordability constraints have got to start at least slowing down the growth rate," she said.
"I just don't think it's sustainable ... there's got to be a point where either the affordability constraints will see a slowdown in the growth rate or even just willingness to pay.
Ms Owen said Canberra was a unique market, which had been sheltered from the impacts of Covid-induced unemployment, and had the highest average income in the nation.
"The month of May did see a little bit of a re-acceleration in the growth rate, but it still didn't quite get to those March levels nationally ... very gradually, market conditions are slowing," she said.
Auction clearance rates remained extremely high but they had started to reduce from 92 per cent in April to 87 per cent in May.
Our journalists work hard to provide local, up-to-date news to the community. This is how you can continue to access our trusted content: