The ACT recorded the second highest rate of profit making sales of the greater capital city markets in the December quarter of 2021.

CoreLogic's Pain and Gain report showed 98.2 per cent of sales in the capital returned a profit. Hobart saw the highest rate of gains at 98.3 per cent.

Canberra sellers also saw some of the biggest gains on their properties. The median gain for the quarter was $358,750 in the ACT, higher than the national median gain of $319,000.

Some huge prices gains have been seen in Waramanga, located in the Weston Creek district, where dwelling values have risen 32.9 per cent year-on-year.

One seller made a $476,000 profit in just two years with no major updates when their property at 1 Manu Place, Waramanga sold for $1,426,000 in November.

Meanwhile, 40 Yiman Street, Waramanga sold for $1.23 million late last year, an increase of $788,000 in about 12 years. Renovations, including a new kitchen, had been completed during that time.

Jonathan Charles of Independent Property Group Woden and Weston Creek, who sold 1 Manu Place, said buyers are eager to live in Waramanga for its location to the Woden Town Centre.

"The market has definitely increased dramatically, purely for proximity. I think as Canberra is getting bigger, those central suburbs are starting to command a lot more money," he said.

Mr Charles said the recent price growth has made selling up a tempting prospect.

"They've made a lot of gain and then they are upgrading their property, maybe moving out a little bit further, or they could be potentially downsizers if they've been there for a number of years," he said.

"It's making the downsize option quite attractive."

Although sellers looking to buy in the same market are faced with similarly high prices, Mr Charles added.

Elsewhere in Canberra, Mr Charles points to a prime example of a profit making sale: a pair of dual occupancy homes, 92A and 92B MacFarland Crescent, Pearce.

When they were built two years ago, the owner decided to sell one and keep the other, which sold in February this year for nearly 50 per cent more.

"The one that we sold two years ago, we sold for $905,000. The identical property next door, two years later, sold for $1.35 million," Mr Charles said.

The CoreLogic report also highlighted a unique feature of the ACT market was the parity between houses and units. The rate of profit-making sales in the December quarter was 99.2 per cent for houses and 96.7 per cent for units.

"This is a unique period for the ACT unit market, where the rate of profit-making unit sales increased from 85.9 per cent in the December 2020 quarter," the report stated.

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CoreLogic head of research Eliza Owen said expectations for continued gains across Australia were mixed because the rate of profit making sales broadly correlates with capital growth performance.

"Higher average mortgage rates, rising advertised stock levels and affordability constraints are already seeing values slip across Sydney and Melbourne and the impact of interest rate tightening may also affect profitability for more recent buyers," she said.

Mr Charles said even with the recent interest rate rise, much of the price growth is already built into the homes in Canberra.

"Even if prices do have a small correction, the growth that you've picked up over the last 24 months will still be a lot more than what it would have been in a normal market," he said.

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