Canberra’s trend-defying northern suburbs record strong growth

Canberra’s median house price may have flatlined over the past year but a number of northern suburbs, such as Crace, Taylor and Gungahlin, have defied that trend and recorded strong growth.

Taylor and Crace have been standout suburbs, growing by 15.3 per cent to $1.055 million and 14.1 per cent to $1.21 million, respectively, since this time last year.

Crace has experienced the highest long-term growth over the past five years, with its median house price increasing by a staggering 63 per cent.

MARQ Property’s Sam Taylor said he wasn’t surprised by the suburb’s strong growth.

“There are only about 1500 houses in the small suburb and it’s as close to the Inner North as you can get,” he said. “The suburb is also part of a successful master-planned community providing better infrastructure and more parklands.”

Taylor recently sold the four-bedroom house at 21 Fingal Street, Crace, for $1.407 million against a reserve of $1.4 million.

He said the property sold under the hammer, which was becoming increasingly rare, and added that he had several properties in Crace currently being offered for sale off-market.

Gungahlin is another suburb experiencing growth. Its median house price rose by 2 per cent over the past year, and by a noteworthy 37 per cent over the past five years.

The latest Domain House Price Report found Canberra’s median house price increased by 1.8 per cent in the September quarter to reach $1,042,730 after remaining stagnant at $1,024,648 for the previous two quarters.

According to the report, the current median house price is still 2.9 per cent down on its September 2022 high of $1,073,708.

Unit prices continued to fall over the September quarter, dropping 0.6 per cent to $567,059. However, the depth of the downturn had eased when compared to the previous quarter, helping to slow the annual pace of decline.

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