The surprising Canberra suburbs where house prices are falling

Despite Canberra recording a stronger overall median house price in the quarter to June, the latest Domain House Price report has revealed several suburbs in the Gungahlin region are heading in the opposite direction.

Over the past year, Bonner recorded the biggest drop, with house prices falling by 9.3 per cent, bringing the median price down to $880,000.

Ngunnawal also saw a notable decrease year-on-year, with house prices dropping by 5.1 per cent to a median of $759,500. However, over the past five years, the suburb recorded strong growth of 46.1 per cent.

Similarly, Harrison experienced a 4.2 per cent slide, resulting in a median house price of $1.02 million, while Gungahlin reported a 3.5 per cent drop in house prices, settling at a median of $965,000.

$1,125,000+

(no street name provided), Harrison ACT 2914

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Domain’s chief of research and economics, Dr Nicola Powell, says Canberra has yet to see a sustained pricing recovery, as rising supply has provided buyers with more choice and negotiation power.

“However, with prices back on the rise, dynamics are slowly changing,” she says.

The median Canberra house price is now $1.04 million, representing 0.8 per cent growth in the months to June.

Contrary to the trend of their neighbours, the northern suburbs of Taylor and Nicholls both experienced double the average growth, recording a jump of 1.7 per cent over the past year. Premium housing stock on larger landholdings allows Nicholls to retain its value, while newly built homes in Taylor are helping to drive stronger sales prices.

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Further south, Denman Prospect in the Woden Creek precinct experienced the steepest fall of all suburbs with house prices plummeting by 14.3 per cent year-on-year. In the Inner South, Curtin’s median house price grew 9 per cent to reach $1,417,500, making it Canberra’s top performer over the year.