Canberra unit prices down but these suburbs are bucking the trend

Unit prices in Canberra may be down, but new data shows that several suburbs continue to perform well.

According to the Domain House Price report for the March quarter, Coombs in Weston Creek has experienced massive growth.

The median unit price increased a staggering 27.1 per cent over the past year to hit $679,000. Over the past five years, this suburb recorded a growth rate of 40.8 per cent.

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Just north of the CBD, Dickson also recorded strong increases, with a 14.8 per cent rise over the year. Units in the suburb now have a median price of $632,000.

Domain’s report indicates apartments in Canberra Central have generally been performing best.

Griffith’s median unit price has soared by 51.1 per cent over the past five years to $679,000, rising by 7.7 per cent since 2023.

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Narranbundah recorded annual growth of 11.6 per cent to reach a median of $692,000, while Turner had a more moderate rise of 3.7 per cent, experiencing growth of 26.2 per cent over the past five years.

Unit prices fell by 5 per cent over the March quarter to record a median price of $563,303. The unit median now sits at $61,000 (or 9.7 per cent) below the September 2023 peak.

With house prices rising faster than unit prices, the price gap has continued to widen, with houses now 86 per cent more expensive than units.

Overall, Canberra is back on its road to recovery after the slight slip in the previous quarter.

The median house price is now $1.05 million, just over $127,000 (or 10.8 per cent) below the June 2022 peak.

Canberra is still the furthest from its house-price peak out of all the capitals, despite Melbourne’s recovery backtracking.

The quarterly gain in house prices has nudged annual gains into positive territory for the first time since September 2022.