Canberra's property prices in catch-up mode: Domain
Staff reporterDecember 7, 2020
Canberra is in catchup mode – bucking the trend of most capital cities and recording increases in rents and house prices, said Domain Chief Economist, Dr Andrew Wilson.
The median house price in Canberra increased an impressive 4.3 per cent over the September quarter, to reach $723,980.
The result is 10.5 per cent higher than the same time last year.
While median unit prices in the capital city have also increased, they jumped a smaller 1.9 per cent over the September quarter to reach $427,391; 0.5 per cent lower than the same time last year.
Canberra was one of only two capital cities to record a quarterly increase in median house rents, jumping 1 per cent to $505 per week.
Unit rents remained steady at $420 per week, up 5 per cent year-on-year.
Canberra was the top performer of all capitals for gross rental yields for units, recording 5.77 per cent over the quarter.
“After relatively subdued periods of activity in recent months, Canberra is in catchup mode,” said Domain Chief Economist, Dr Andrew Wilson.
House price growth in the city is expected to continue, given the strong migration to the area and the undersupply of houses, Dr Wilson forecast.