Canberra house values decline 1.3 per cent in November, CoreLogic home value index reveals

The monthly home value index, released on Thursday by property data firm CoreLogic, revealed a 1.3 per cent drop in Canberra's house values in November.

It takes the median house value to $987,450.

Meanwhile unit values in the capital fell 0.8 per cent for the month to a median of $600,628.

Canberra dwelling values - combining houses and units - fell by 1.2 per cent to a median value of $869,235.

While the monthly decline is slightly deeper than last month's 1 per cent drop in values, CoreLogic research director Tim Lawless said, overall, the downturn appears to have eased.

"I think it's very similar to Sydney and Melbourne in the sense that we have seen a little bit of an easing in the rate of decline even though that 1.2 per cent drop was a little bit larger than what we saw in October," he said.

"It's still quite a bit lower than the 1.6 per cent and 1.7 per cent monthly drops we were seeing in August and September.

"So it does look like [Canberra] is starting to ease off in its rate of decline as well."

Mr Lawless said there was a chance the rate of decline could reaccelerate, particularly if rate rises continue for longer than expected.

"Next year will be a particular test of serviceability and housing market stability, as the record-low fixed rate terms secured in 2021 start to expire," he said.

Murrumbateman resident Kate Pope exchanged contracts on a townhouse on Wednesday following a six-month search for an investment property for her son.

Ms Pope thought she'd missed out on securing the townhouse after an offer she put forward wasn't accepted by the seller. However a few weeks later the seller was open to negotiation and a deal was struck.

Throughout her property search, Ms Pope said listing prices didn't appear to cool as much as she had expected.

"We haven't seen really as much of a drop in Canberra prices, at least we didn't experience it like we thought we would when we entered the market," she said.

She hopes Canberra property prices stay fairly steady in the year ahead, but ultimately the purchase wasn't about making substantial gains.

"We might lose a little bit in the short term, but gain it back in the longer term," Ms Pope said.

"We're not really looking to make a whole lot of money out of this, we wanted to help our son and make an investment that was a reasonable one, but we don't have high expectations of it."

Real estate agent Obi Shadmaan of The Property Collective said it was hard to predict how properties would sell in today's market.

"There are some properties that are performing really well and then there are other properties that might not be getting a lot of interest and aren't getting those levels that sellers are expecting," he said.

A "leveling out" of interest rates could help boost buyer demand in the new year, he said.

"People will just feel that they've got a bit of confidence in terms of borrowing capacity and their ability to service their lifestyles," Mr Shadmaan said.

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National dwelling values fell by 1 per cent for the month, with Brisbane and Hobart leading the decline (down 2 per cent).

Perth values were unchanged, while Darwin saw a slight increase of 0.2 per cent.

Mr Lawless said buyers should expect to see fewer listings hit the market as the year draws to a close.

"Given the trend in new listings has recently moved through a seasonal peak, we are likely to see activity from both a listing and buying perspective record a sharper decline around the middle of December through to late January as the festive season disrupts the home buying and selling process," Mr Lawless said.

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