These are the Canberra suburbs where house prices are rising

Australia’s property market weakened in 2024, with Canberra, one of several capital cities, experiencing lower growth rates.

However, even as Canberra’s median house price steadied in the December quarter, there were a few shining suburbs outperforming the rest.

The latest Domain House Price Report shows Palmerston in the Gungahlin region grew by an impressive 11.4 per cent over the past 12 months, bringing its median house price to $975,000, while the suburb of Gungahlin increased 6.1 per cent to hit $1 million.

$975,000+

4 Bendora Crescent, Palmerston ACT 2913

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Stone Gungahlin’s Jess Doolan says Palmerston’s appeal lies in its proximity to quality schools and its relative affordability for first-time buyers and young families.

“Well-established areas in the Gungahlin precinct are attractive, as the more original homes offer generous, well-designed floor plans and larger blocks that provide a sense of space,” she says.

According to the report, suburbs in the Belconnen region also experienced steady growth.

Dunlop, for example, recorded a 6.3 per cent increase over the year, jumping to a median price of $850,000, while Latham and Evatt rose 4.2 and 2.5 per cent, respectively, to $900,000 and $792,000.

$729,000 - $759,000

31 Jeff Snell Crescent, Dunlop ACT 2615

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On the other side of the coin, Red Hill, which is one of the few Canberra suburbs with a median over $2 million, declined 8.4 per cent.

Denman Prospect recorded the biggest fall over the year, with its median plummeting by 22.2 per cent to $1.015 million.

Domain chief of research and economics Dr Nicola Powell says the market still sits below its mid-2022 peak but is showing signs of gradual recovery.

“Canberra remains the furthest from its peak and has struggled to enter a sustained recovery over the past three years,” she says. “Despite this, annual gains have gathered slight momentum to rise by 2.4 per cent.”