- House prices in Canberra reached a median of $1M for the first time
- Units are above $500k in the nations capital
- Darwin's median house price is now $608,519 - no longer the most affordable capital city
Demand for property continues in the Australians Capital Territory and Northern Territory, according to Domain’s House Price report.
As revealed last week, houses in the national capital broke through the $1 million mark for the first time, setting a new record.
Over the June quarter, the median house price in Canberra increased by just over $1,000 per day.
It’s not just houses; units are back above $500,000, increasing by 3.6% – or near $18,000 – over the quarter.
This increase is the largest quarterly growth by any of the capital cities during the June quarter. Woden Valley and North Canberra both recorded 30% growth, the largest within the city.
Tuggeranong is the most affordable area with a median house price of $753,000 while Belconnen remains the most affordable to purchase a unit with a median of $448,500.
“Canberra houses have experienced the steepest price acceleration in almost three decades as buyer demand is unable to keep up with supply, resulting in the number of properties for sale hitting a multi-year low,” said Domain research analyst, Dr Nicola Powell.
“It’s higher average income, large public sector employment base, lifestyle and a turnaround in interstate migration continues to buoy the local housing market.”
Dr Nicola Powell, Domain
Prices in the NT head north
In the Northern Territory, where prices have remained below historic lows since the last resource boom ended in the early 2010s, house prices have recorded upward momentum.
Currently, house prices in Darwin are median $608,519 – the highest point in four years, after witnessing a $50,000 rise over the June quarter.
The rise means Darwin is no longer the most affordable capital city to purchase a house – that title now belongs to Perth, according to Domain.
However, houses are still $70,0000 lower than the late-2013 peak.
Palmerston, a satellite city just outside of Darwin, recorded 16.3% growth, yet it remains the most affordable area in the Northern Territory.
“Over the last quarter we’ve seen the highest number of houses sold in the last six years,” commented Dr Powell.
“The price growth seen is a swift turnaround for homeowners and if prices continue to rise at the same rate we could see Darwin house prices reach a new record in early 2022.
“The Territory’s well-handled approach to the pandemic, lifestyle and affordability have made it an attractive option for buyers.
“Internal migration into Greater Darwin has been a constant drain on housing demand, however, this has turned around. Population growth, jobs and economic growth are crucial for the sustainability of the property market rebound.”