SEARCH
MENU

Canberra Property Market – Prices, Trends, Forecast [November 2024]

Canberra’s property market faced a challenging period in the three months to October 2024, showing a quarterly decline of -0.9%. This reflects ongoing national trends of cooling property values amidst rising stock levels and moderated buyer activity.

Canberra Property Price Growth

The annual growth rate in Canberra was modest at 0.4%, with a median dwelling value of $850,223. This represents subdued growth compared to other major capitals, highlighting the region’s slower market momentum.

CoreLogic Home Value Index

Capitals/RegionsMonthQuarterYTDAnnualTotal ReturnGross YieldMedian Value
Canberra-0.3%-0.9%0.0%0.4%4.6%4.0%$850,223
For Houses:-0.1%-0.7%1.1%1.5%5.5%3.7%$976,911
For Units:-0.8%-1.5%-3.4%-3.2%1.7%5.1%$584,294
Month
Quarter
Annual
Total Return
Median Value

CoreLogic Home Value Index, Released on November 1, 2024

Get a free property report to find out how your property stacks up in the local market.

Canberra Property Market Trends

Increased advertised stock levels have contributed to the slowing market, giving buyers more options and less urgency. This, combined with rising interest rates and affordability issues, has put pressure on property values. The softer market has particularly impacted unit values more than houses.

Summary of housing values since the onset of COVID in March 2020 and relative to peak levels (onset of COVID calculated from March 2020).

RegionOnset of COVID to Oct 2024 (%)Onset of COVID to Oct 2024 ($)Change from Series Peak to Oct 2024Series Peak Date
Canberra30.8%$200,108-6.5%May 22
Combined capitals34.4%$229,066<at peak>
National38.6%$225,360<at peak>
CoreLogic Home Value Index, Released 2nd November 2024

Get a free property report to find out how your property stacks up in the local market.

Canberra Property Market Forecast

The outlook for Canberra’s market points to continued stabilization rather than significant growth. Any improvement will be contingent on broader economic factors, such as changes in interest rates and potential shifts in household income levels.

The Reserve Bank of Australia’s ongoing adjustments to interest rates will likely play a crucial role in shaping market dynamics, as higher borrowing costs limit purchasing power for many buyers.

Here are some of the most recent forecasts by the big-4 banks in Australia:

  • ANZ predicts a 5-6% increase in capital city property prices in 2024, with Brisbane expected to see the highest rise at 9-10%, Perth property values could go up by 1-11%, Sydney by 4-5%, and Melbourne prices by 2-3%.
  • CBA forecasts a 5% rise in capital city prices, with some variations: Brisbane is anticipated to grow by 6%, Melbourne and Perth by 5%, Sydney by 4%, and Adelaide by 1%.
  • NAB projects a 5.4% average increase across the capitals, with Brisbane expected to see a 6.5% rise, Perth and Adelaide by 6.2%, Melbourne by 5.5%, Sydney by 5%, and Hobart remaining flat.
  • Westpac expects a 6% growth across the combined capitals, with Perth leading at 10%, followed by Brisbane at 8%, Sydney at 6%, Adelaide at 4%, and Melbourne at 3%

Oxford Economics recently released property forecasts predicting where house prices will be in three years.

CityMedian Price* (Houses)Median Price*(Units)Total Price** (%) Growth (Houses)Total Price ** (%) Growth (Units)
Sydney$1.93M$1.09M18%22%
Melbourne$1.28M$0.78M21%20%
Brisbane$1.21M$0.71M19%23%
Adelaide$0.95M$0.69M16%18%
Perth$1.05M$0.64M30%30%
Canberra$1.17M$0.75M19%20%
Hobart$0.86M$0.71M13%16%
Darwin$0.70M$0.46M24%26%
Combined Capitals$1.34M$0.87M20%21%
* By June 2027 ** Over 3 years; Source: Oxford Economics, Pricefinder

Calculate your future property value with these forecasts in mind…

Calculate your future property value with these forecasts in mind…
Enter your property details below and we will give you an estimate of the value of your home.
Property Purchase Price $1M
Average Annual Appreciation 5%
Years Since Purchase 10
Future Property Value
$0

Conclusion for Homeowners

Homeowners in Canberra should prepare for a stable but slow market. While opportunities remain, strategic planning and close monitoring of economic indicators are essential for maximizing returns or making informed decisions.

Next steps

  1. Get a free property report to find out how your property stacks up in the local market.
  2. Get a personalised shortlist of the top performing local agents so you can sell, rent or buy with confidence.
  3. Get a free property appraisal to discover the true value of your property.
Compare your Local Agents