Between 2013-2018, Canberra’s house prices recorded six years of annual growth, peaking during the March 2017 quarter, where Canberra’s median house price grew by 10.3 per cent year-on-year. Over the past five years, Canberra’s collective house prices have increased by 25.8 per cent.
If you live in the inner suburbs, your house value may have increased by as much as 50 per cent over this five-year period. There were also a few suburbs in both the north and south which recorded some of the strongest increases in median house prices.
Ainslie experienced the greatest increase with a median house of $1.085 million, up a massive 58.1 per cent. The growth in Ainslie mainly occurred last year with a 32.6 per cent median growth year-on-year.
In Canberra’s north, Casey increased 45.7 per cent to a median of $628,983, whilst Kaleen, with thanks to multiple million-dollar sales, surged 40.3 per cent to a median of $745,000. O’Connor and Downer experienced growth of 38.7 and 36.4 per cent respectively.
Over in the south, Weston’s median of $705,000 has increase by 36.1 per cent and Chisholm’s $597,500 is up 34.3 per cent.
For Canberra home owners, the good news is that in the past five years, not one suburb has had a decline in house prices. These figures demonstrate positive signs for Canberra, given the downturn in the Sydney and Melbourne markets.