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Home › Property Market Update › Canberra, ACT
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.
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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
CoreLogic Home Value Index, Released on November 1, 2024
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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).
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:
Oxford Economics recently released property forecasts predicting where house prices will be in three years.
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
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Darwin Property Market – Prices, Trends, Forecast [November 2024]
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