Canberra's top five house sales of 2021 were collectively worth more than $28 million.
CoreLogic's Best of the Best report, released today, revealed a Red Hill property was the highest selling Canberra house for the year at $7.1 million.
The home, 6 Wickham Crescent, was located on a two-acre block of land and featured four bedrooms plus a study. CoreLogic records show the property was advertised for rent this year at $1250 per week.
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Houses at 76 Arthur Circle, Forrest and 27 Culgoa Circuit, O'Malley were the next highest sales, both changing hands this year for $5.5 million.
Two $5 million sales at 14 Musgrave Street, Yarralumla and 55 Arthur Circle, Red Hill rounded out the top five.
The highest value of house sales for the year was seen in Kambah, where 241 homes sold for a total of almost $186 million. Ngunnawal had a total of 191 house sales worth more than $134 million.
In the unit market, Kingston recorded the highest value of sales with 263 units sold for a collective sum of more than $200 million. Braddon followed with 253 unit sales totaling almost $141 million.
Campbell now holds the highest median house value at $1,953,012, while the highest apartment prices can be found in Yarralumla where the median unit value is $1,089,143.
The annual report revealed the top performing sales and suburbs across Australia's capital city markets. The nation's most expensive sale of 2021 was a Sydney penthouse, 43/163 Castlereagh Street, which sold in May for $60 million.
Across the country, the total number of sales climbed to an estimated 614,635 in the past 12 months, the highest level in almost 18 years.
National dwelling values increased 22.2 per cent in the 12 months to November, marking the highest increase since 1989. The median Canberra house value is now $999,755.
CoreLogic head of research Eliza Owen said a number of factors had contributed to Australia's strong property growth including low interest rates, high household savings and relatively low stock levels.
"Rates of housing turnover had also been relatively low for some years before these factors boosted housing demand, which may also explain the elevated volume of sales in the past 12 months, which at November was 32.6 per cent above the decade annual average," she said.
In its forward outlook, CoreLogic analysts said it is likely the peak of property growth has passed. The report stated "affordability constraints have worsened, vendor activity has surged", meanwhile housing finance is "showing signs of tightening and slowing".
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