Canberra unit prices remain steady but in this suburb they soared instead

Canberra’s property market fluctuated across the board last year, but new data shows pockets of the region recording solid annual gains.

The Domain House Price Report for the December quarter of 2024 reveals that units in Woden Valley’s Mawson experienced impressive annual growth of 20.3 per cent.

The median unit price for the suburb is now $717,750, compared to Canberra’s median of $585,939.

Ray White’s Alec Brown said Mawson offers an appealing affordability component, with buyers drawn to properties in the area due to their good bones, spacious floor plans, and potential for enhancement.

“The suburb’s strong growth is a reflection of its rising appeal, which will be further boosted by the upcoming revamp of the Southland precinct,” he said.

“Mawson’s proximity to Woden and the hospital district makes it an even more attractive choice for buyers.”

Another strong performer was Bruce in Belconnen, where prices rose 17.8 per cent to $530,000, while units in Harrison also recorded a rise of 11.8 per cent, taking the median price to $520,000.

This is despite the unit market across the Capital declining over four consecutive quarters.

Offers over $595,000

21/17 Wimmera Street, Harrison ACT 2914

3

2

2

View property

“Canberra unit prices remained steady over the December quarter, marking the lowest median since March 2023,” said Domain’s chief of research and economics Dr Nicola Powell.

“This is a slight improvement from the previous quarter’s decline, which was the largest drop in two years.” 

The median unit price is now about $44,000 or 7 per cent lower than its September 2023 peak.   

“The steady result has softened the depth of the annual decline, but this marks the second consecutive quarter of an annual decrease – the first time this has occurred in 10 years,” Powell said.

Units in Forrest, Canberra’s city centre and Greenway experienced the biggest annual declines in unit prices. 

Forrest dropped 15.4 per cent, while Greenway fell 9.1 per cent. Only the city centre recorded a decline of 13.9 per cent over the past 12 months and negative growth over the past five years.