The suburbs where property prices are rising and falling in Canberra

Property prices have declined on average across Canberra over the past year, but a few standout suburbs are bucking the downward trend, new figures show.

According to the Domain House Price Report for the September quarter, Red Hill remains a top-performing suburb, with its median house price increasing six per cent to $2.2 million over the past year.

Tuggeranong’s Calwell also showed resilience, with its median house price rising by 4.2 per cent to $810,000, while Evatt in the Belconnen region surged 6.5 per cent to a median of $895,000.

Auction 30/11/24

3 McKinley Circuit, Calwell ACT 2905

4

2

2

View property

This growth suggests demand in Canberra’s suburban regions is not uniformly declining, but rather is reflective of the unique characteristics and buyer appeal within each area.

Bonner in the north of the capital recorded an 8.2 per cent decline over the year, with the median house price dropping to $875,000.

Overall, Denman Prospect experienced the most significant drop, with the median house price falling 26.3 per cent to $1.03 million.

By contrast, the suburb’s unit prices experienced an uptick of 2.5 per cent, reaching $620,000.

Domain chief of research and economics Dr Nicola Powell said Canberra’s unit prices dropped 4.5 per cent to a median of $565,288 in the September quarter – 10.3 per cent less than the $630,174 recorded a year ago.

“Canberra’s median unit price has now recorded its fourth quarterly decline, marking the longest stretch of consecutive falls on record and the sharpest drop since December 2022,” she said.

“The sustained weakness over the past four quarters has erased the recovery seen in 2023, pushing the median unit price to a new low this cycle.”

This was noticeable in Canberra Central, where Barton’s median unit price dropped by 14.4 per cent over the year to $715,000, and Forrest’s fell by 12.6 per cent to $849,500.

Heading in the other direction, units in Belconnen’s Bruce demonstrated strong growth, with the median price climbing 11.3 per cent to $508,750.

Powell said while Canberra’s median house price declined over the quarter to a median of $1.08 million, it was up year-on-year.

“Despite the quarterly decline, the median house price has still managed a marginal annual gain of 0.8 per cent,” she said.