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Canberra’s housing value has risen by almost 2 per cent in the past month to reach a record high median of $672,866, according to Corelogic’s monthly home value index. The housing value growth of 1.9 per cent over November was the highest of the capital cities, on par with Darwin. As well, Canberra housing values are 7 per cent higher than this time last year – the largest year-on-year increase of the capital cities. House growth in Canberra outpaced units last month, up 2.2 per cent and 0.6 per cent respectively. This was a trend echoed across the capital cities, Corelogic head of research Tim Lawless said. “This trend towards stronger conditions in detached housing markets is evident across most of the capital cities,” he said. “Relative weakness in the unit market can be attributed to actors including low investment activity, higher supply levels in some regions and weaker rental market conditions across key inner city unit precinct.” IN OTHER NEWS: The national housing value was up 0.8 per cent over November. While Canberra housing values have avoided the declines of other capital city markets over the coronavirus pandemic, the national housing market has continued on a recovery trend and Mr Lawless said housing values could surpass pre-COVID levels by early next year. “The national home value index is still seven tenths of a per cent below the level recorded in March but if housing values continue to rise at the current pace we could see a recovery from the COVID downturn as early as January or February next year,” he said.
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Canberra’s housing value has risen by almost 2 per cent in the past month to reach a record high median of $672,866, according to Corelogic’s monthly home value index.
The housing value growth of 1.9 per cent over November was the highest of the capital cities, on par with Darwin.
As well, Canberra housing values are 7 per cent higher than this time last year – the largest year-on-year increase of the capital cities.
House growth in Canberra outpaced units last month, up 2.2 per cent and 0.6 per cent respectively. This was a trend echoed across the capital cities, Corelogic head of research Tim Lawless said.
“This trend towards stronger conditions in detached housing markets is evident across most of the capital cities,” he said.
“Relative weakness in the unit market can be attributed to actors including low investment activity, higher supply levels in some regions and weaker rental market conditions across key inner city unit precinct.”
The national housing value was up 0.8 per cent over November.
While Canberra housing values have avoided the declines of other capital city markets over the coronavirus pandemic, the national housing market has continued on a recovery trend and Mr Lawless said housing values could surpass pre-COVID levels by early next year.
“The national home value index is still seven tenths of a per cent below the level recorded in March but if housing values continue to rise at the current pace we could see a recovery from the COVID downturn as early as January or February next year,” he said.
