The Canberra region where house prices are skyrocketing

Our cosy population grew by 2.3 percent in 2017, which is the largest annual increase for the territory in five years. We now have the second-largest population growth, behind Victoria. Figures show that last year 8,761 new people called Canberra home, meaning that every hour another person was added to our population tally. The estimated number of residents now stands just shy of 416,000 at the end of 2017.

As a result of our population increase, there has been interesting trends forming in select regions. House prices in Gungahlin have surged by a huge 12.1 per cent, leading the pack in Canberra’s growing property market. Domain data shows Gungahlin’s median house price for the June 2018 quarter was $680,000, up from $606,500 in the same period last year. Buyers are attracted to the smaller blocks due to their minimal maintenance requirements and the value for the age and quality of the homes.

Domain’s most recent ‘House Price Report’ showed Canberra’s median house price has risen 6.2 per cent over the past year to $749,865, defying the national downturn. However, not all regions are experiencing growth, the inner south recorded a decline of 1.4 per cent. The current median house price in the inner south region for the previous quarter is $1.265 million, it is suggested that this decline is due to the fall out from the Banking Royal Commission where buyers are finding their borrowing capacity is tighter than ever before.

In the unit market, Belconnen experienced the greatest annual fall at 5.5 per cent to $392,000. Overall, Canberra’s median unit price has declined 2.1 per cent over the past 12 months. But while there is an overall decline in unit prices, Tuggeranong’s unit price has surged 7.9 per cent over the past 12 months.