Canberra unit prices climb but affordable options still abound

Canberra’s unit market is on the rise overall, but some suburbs still offer affordable options with selling prices well below last year’s levels, new data shows.

As prices show signs of stabilising in a number of areas, suburbs such as Watson and Gungahlin offer some of the best choices for first-home buyers and investors seeking value.

The median unit price in Watson dropped 8.48 per cent from $560,000 to $512,500 in the quarter to June, and by nearly 10 per cent year-on-year, according to the latest Domain House Price Report. Over the past five years, the suburb has recorded only a modest growth rate of 5.2 per cent.

Gungahlin and Belconnen are among the most affordable suburbs in the region, with median prices of $470,900 and $480,000, respectively.

While Belconnen dropped 2.6 per cent over the past year, both areas have experienced similar growth patterns since 2020, recording increases of between 15 and 20 per cent.

$469,000+

217/90 Swain Street, Gungahlin ACT 2912

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Canberry Properties’ Mathew Kocic noted that price increases in Gungahlin were primarily driven by new units on offer.

“We’re seeing a diverse range of buyers in the market, but they are taking their time in making decisions,” he said.

Harrison in Gungahlin also saw a year-on-year drop in its median unit price, which is down 5.2 per cent to $490,000.

Over the past year, Greenway recorded the second-highest decline after Watson, with a 7.5 per cent drop, also bringing its median unit price to $490,000.

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According to the report, the median Canberra unit price rose by 1.8 per cent over the June quarter, or just over $10,000, to reach $595,951.

After two deep quarters of a decline, unit prices are roughly $34,000 (or 5.5 per cent) below their price peak.