The value of Canberra homes fell slightly over the last month while the value of residential property across the country increased, drawing an end to a year in which the capital's property market remained largely flat.
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New figures released by CoreLogic show Canberra's residential property values ended the year up by 0.5 per cent.
But residential properties in the ACT shed 0.1 per cent in value in December, while nationally property values grew by 0.4 per cent.
The median property value in Canberra is now $843,171. The median house price is $967,864, while the median unit price is $591,215.
Property values in the capital are still 31 per cent higher now than at the onset of COVID-19 in March 2020, nearly four years ago.
The CoreLogic index showed the value of free-standing houses in Canberra stayed flat in December, while units fell 0.1 per cent.
Property values in the ACT's Molonglo region increased by 5 per cent over 2023, the largest rise in the city. North Canberra, which recorded the next highest increase, grew by 1.3 per cent.
The ACT's youngest suburb, Whitlam, recorded the strongest house price growth over the 12 months to November, CoreLogic's annual Best of the Best report found.
House values in the suburb, which is part of the Molonglo area, were up 29.1 per cent to a median value of $1,158,983.
The home value index showed home values nationally had grown by 8.1 per cent in 2023, driven by strong growth in Sydney, Brisbane and Perth.
CoreLogic research director Tim Lawless said supply and demand factors would broadly explain the difference in changes across Australia's capital cities.
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"In Perth, Adelaide and Brisbane, housing affordability challenges haven't been as pressing relative to the larger cities, and advertised supply levels have remained persistently and substantially below average," Mr Lawless said.
"The cities where home value growth has been lower or negative through the year are showing higher than average levels of advertised supply alongside annual home sales which ended the year below the five year average."
Asking rents for houses in the ACT fell 2.6 per cent over the last year, while rents for units rose 0.1 per cent. Nationally, rents rose 8.3 per cent across houses and units.
Jasper Lindell
Jasper Lindell joined The Canberra Times in 2018. He is a Legislative Assembly reporter, covering ACT politics and government. He also writes about development, transport, heritage, local history, literature and the arts, as well as contributing to the Times' Panorama magazine. He was previously a Sunday Canberra Times reporter.
Jasper Lindell joined The Canberra Times in 2018. He is a Legislative Assembly reporter, covering ACT politics and government. He also writes about development, transport, heritage, local history, literature and the arts, as well as contributing to the Times' Panorama magazine. He was previously a Sunday Canberra Times reporter.
