House values fell in every Canberra suburb analysed by CoreLogic for the September quarter, with one suburb posting a 10.5 per cent drop in the median value.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
Data analysed by CoreLogic for its quarterly Mapping the Market report shows Canberra's median house value fell 5.2 per cent over the third quarter to $1,009,575.
The report excluded suburbs with less than 20 sales and less than 100 valuation observations.
All of the 85 suburbs analysed for house value changes recorded a decline, compared to the previous quarter when just 22 out of the 83 suburbs analysed reported a decline.
Belconnen saw the largest drop in house values for the September quarter (down 10.5 per cent), followed by Denman Prospect and Page (both down 10 per cent).
More than a quarter of Canberra suburbs analysed (27.1 per cent) recorded a year-on-year decline in house values. The largest 12-month decline was in Torrens, where house values fell by 6.7 per cent.
Units play catch up in the property downturn
The downturn has also accelerated across Canberra's unit segment, with 40 of the 47 suburbs analysed reporting a decline in the third quarter.
It's in stark contrast to the second quarter of 2022 when only four Canberra suburbs recorded a decline in unit values.
Calwell recorded the largest decline in unit values (down 5.9 per cent), followed by Isabella Plains (down 5.6 per cent) and Cook (down 5.1 per cent).
Overall, Canberra unit values fell 1.7 per cent over the three months to September to a median of $616,027.
Macquarie was the only Canberra suburb to record a year-on-year decline in unit values, down 2.4 per cent.
MORE PROPERTY NEWS:
CoreLogic economist Kaytlin Ezzy said the latest data shows the impact of six consecutive cash rate rises on Canberra property values.
"Interest rates definitely are the main factor pushing values down," she said.
"As the second most expensive capital in Australia, the typical homeowner in Canberra is quite sensitive to interest rate rises.
"So we are seeing [the downturn] become more widespread as interest rates continue to rise."
More rate rises could see downturn accelerate further
Ms Ezzy said the rate of Canberra's property downturn in the months ahead will depend on "how fast and how sharp" future rate rises are.
"We did see a slight slowdown in the pace of decline across Canberra last month," she said.
"It went from a 1.7 per cent decline [in dwelling values] in August to 1.6 per cent decline last month, which might be a suggestion that it's reached the peak rate of decline.
"But again, it is very dependent on that trajectory of interest rates."
We've made it a whole lot easier for you to have your say. Our new comment platform requires only one log-in to access articles and to join the discussion on The Canberra Times website. Find out how to register so you can enjoy civil, friendly and engaging discussions. See our moderation policy here.