The Canberra suburbs where house prices have soared

Moncrieff has emerged as Canberra’s fastest-growing suburb, with house prices jumping by 16 per cent over the past year, new data shows.

According to the latest Domain House Price Report for the March quarter, Moncrieff’s median house price has now reached $980,000 – an impressive 38.2 per cent growth over the past five years.

Nearby suburbs in the Gungahlin region, such as Amaroo, Casey and Nicholls, also experienced consistent and strong house price growth.

Nicholls was the capital’s second highest-performing suburb, recording an annual increase of 4.6 per cent. Its median house price has risen to $1.255 million – more than $200,000 higher than the city’s average.

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According to the report, Narrabundah in central Canberra was another standout performer, recording an annual rise of 5.7 per cent to now sit at a median of $1,299,500.

Over the past five years, median house prices in the suburbs of Curtin and Evatt have more than doubled, growing by 51.6 per cent and 51.3 per cent, respectively.

In the March quarter, Canberra’s median increased by 0.9 per cent to $1,049,719 while annual growth was marginally higher at 1.1 per cent.

Domain chief of research and economics Dr Nicola Powell said Canberra was still struggling to cement its recovery, although house prices had finally posted a quarterly increase.

“Going forward, property prices across the nation continue to defy stretched affordability from the cost-of-living pressure and high interest rates,” she said.

“[This is] growth aided by a chronic undersupply of new homes, strong population growth, cost-to-build blowouts and a tight rental market, which boosts demand.”