Canberra is now the second most expensive city in Australia to buy a house, with the median hitting a new high of $1.178 million dollars.

The Nation’s Capital now sits behind only Sydney for homes across the country, with units in the Territory seeing a 1.6 per cent downturn during the latest quarter.

A strong December quarter of 11.1 per cent saw house prices in the Nation’s Capital rise nearly 37 per cent in 2021.

Nicola Powell, Chief Economist at Domain, said it was an incredible year for house growth.

This is the steepest quarterly growth on record and makes the past year the strongest upswing in Canberra’s house price history, up 36.6 per cent. However, unit prices declined by 1.6
per cent to $555,644, although prices are up by 9.7 per cent annually,” Powell said.

“Since the pandemic began, house prices have risen 52 per cent, the highest rate of growth recorded across the capital cities. The rapid escalation in house prices will be a financial barrier for entry buyers and upgraders against a backdrop of low wages growth.

“The disparity between property performance and associated affordability constraints is expected to drive demand to units. While it is still a competitive market for home hunters, rising supply and easing demand trends should support more realistic seller prices and greater buyer choice.”

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