House prices in Canberra27 October 2015 by News Desk
The average cost of a house in Canberra is less than half of that in Sydney, but the city’s housing market is rising, while other cities are slowing down.
The cost of an average house in Canberra increased by 2.3% in the three months to September, and now stands at $625,092. The rise indicates a surge in the Canberra housing market as it marks the highest rate of growth recorded in the city so far this year.
The average cost of a house in Canberra has risen by 7.8% in the 12 months to September 2015, a rise of $44,990. The increase in property values is much lower than that of Melbourne at 15.6% and Sydney 21.7%, but house prices in Canberra continue to rise, where other city’s are seeing a slowdown, and have risen over four consecutive quarters for the first time since 2010.
While house prices in Canberra are rising, the cost of units is falling. The average price of a unit price fell by 4.7% in the three months to September, and now stands at $385,825. It is the second consecutive fall in the city’s unit prices so far this year, according to the latest Domain house price report.