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Home › Property Market Update › Canberra, ACT
The Canberra property market remained subdued in November 2024, with home values rising by a marginal 0.1% for the month and declining 0.3% over the quarter. On an annual basis, values decreased slightly by 0.1%, reflecting broader challenges across Australian capital cities.
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The median dwelling value in Canberra is $851,731, showing stability but limited upward movement. Houses performed better than units, but growth remains minimal compared to other capitals like Brisbane and Perth.
CoreLogic Home Value Index
CoreLogic Home Value Index, Released on December 1, 2024
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Rising advertised stock levels and softer purchasing activity are key trends in Canberra. A 16% increase in national listings since winter has put downward pressure on property prices across the board. Canberra’s market is experiencing longer selling times and reduced urgency among buyers, mirroring national conditions.
Summary of housing values since the onset of COVID in March 2020 and relative to peak levels (onset of COVID calculated from March 2020).
Looking ahead, Canberra’s market is expected to remain stable but subdued, with limited price growth as affordability challenges and economic uncertainties weigh on demand. Potential interest rate cuts in 2025 could provide some relief, improving buyer sentiment and borrowing capacity.
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.
Canberra’s property market is currently navigating a period of stagnation, with minimal growth and rising stock levels. For homeowners considering selling, market conditions suggest a cautious approach, with opportunities possibly improving in the medium term as economic factors stabilize.
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