Nicholls leads the Canberra suburbs experiencing the biggest house price growth

Nicholls has led house price growth in Canberra over the past six months with its median value skyrocketing by 12 per cent.

It is among five ACT suburbs to experience a jump in value of more than five per cent over the half-year period, according to figures from Domain.

The result comes off the back of Thursday’s Domain December House Price Report which revealed Canberra’s median house price jumped 4.3 per cent between September and December.

It’s the highest quarterly rise in six years and the second-best result among the country’s capital cities, behind Hobart.

Canberra’s median house price grew 9 per cent during 2015 – its highest since December, 2009, according to the report.

Nicholls’ median house price jumped 12.1 per cent to $740,000 in the last six months of 2015.

Kambah was next with an increase of 9.4 per cent to $545,000, followed by Kaleen with 8.9 per cent to $607,750.

Eight properties in the Gungahlin suburb sold for more than $1 million in the second half of 2015.

A home at 55 Sue Geh Circuit topped the list, selling for $2.01 million in October.

LJ Hooker Gungahlin agent Jason Hall said Gungahlin’s growing town centre and Nicholls’ spacious blocks had attracted more buyers to the area.

“The numbers through open homes and auctions have jumped. There are a lot of people looking in that suburb,” he said.

“People are moving out there because [Gungahlin] has the facilities. A lot of families are looking there because Nicholls has good-sized blocks, some good schools around.”

Mr Hall said the suburb’s million-dollar homes were experiencing particularly faster turnovers, while growing access to major thoroughfare Horsepark Drive was appealing to buyers.

He tipped Casey as the next Gungahlin suburb to watch, especially with the emergence of a new pub, eateries and shops as part of the new Casey Market Town.

“We’re going to have Casey Market Town start in April or May, which is just across the road from Nicholls,” he said.

While apartments have been much slower to jump in value, Civic has led the charge ahead of Wright and Bruce.

The city’s median unit price rose by 15.8 per cent over the last six months to $532,500.

The Molonglo Valley suburb experienced a jump of 9.4 per cent to a median value of $409,000, followed by Bruce’s 7 per cent increase to $428,000.

The highest-selling city property in the second half of 2015 was 1111/19 Marcus Clarke Street which sold in October for $1.26 million.

Independent Property Group project marketing director Wayne Harriden​ said Civic’s centrality, employment opportunities and closeness to popular areas like Braddon made it an appealing area to buy an apartment.

Meanwhile, Wright’s popularity had skyrocketed last year as more and more buyers discovered the Molonglo Valley.

“I think people have discovered Wright and how close Wright is to everything,” he said.

“With other suburbs coming out around it, everyone can appreciate what’s happening out there.

“The majority of buyers we’ve had out here for units were first home buyers and first-time investors; they probably made up about 70 per cent of that market.”

Mr Harriden said a number of developments in the new suburb had sold out of units, with many residents moving to the area from Tuggeranong, Woden and Weston Creek.

He said the opportunity to buy off-plan appealed to many buyers.

Meanwhile, it was more affordable to buy a unit in Wright than property in nearby suburb Denman Prospect.

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Canberra’s highest house price growth as of December, 2015 (minimum 40 sales):

• Nicholls: $740,000 – 12.1 per cent
• Kambah: $545,000 – 9.4 per cent
• Kaleen: $607,750 – 8.9 per cent
• Watson: $652,000 – 6.8 per cent
• Dunlop: $495,000 – 5.7 per cent
• Macgregor: $460,000 – 4.5 per cent
• Wanniassa: $520,000 – 2.4 per cent
• Ngunnawal: $435,000 – 2.2 per cent

Canberra’s highest unit price growth as of December, 2015 (minimum 40 sales):

• City: $532,500 – 15.8 per cent
• Wright: $409,000 – 9.4 per cent
• Bruce: $428,000 – 7 per cent
• Greenway: $400,000 – 3.4 per cent
• Kingston: $565,500 – 2.8 per cent
• Braddon: $439,000 – 2.1 per cent
• Watson: $347,000 – 1.8 per cent
• Narrabundah: $424,000 – 1.4 per cent