Why unit prices are on the rise in these Canberra suburbs

Canberra’s unit prices have experienced an uptick in the past year, with a number of suburbs recording particularly strong growth.

The latest Domain House Price Report reveals the median unit price in Coombs, in the Molonglo Valley, soared by 21.4 per cent to $680,000 over the past year, and increased by 40.2 per cent over the past five years.

Belle Property’s Alexander Smout attributed the rise to the settlement of several off-the-plan projects.

Units in Griffith showed a more moderate year-on-year result – climbing 8.1 per cent to $699,900 – but jumped by a substantial 55.5 per cent in the past five years.

According to the report, other strong-performing areas for units in the past year were in the city, which jumped 7.6 per cent to a median of $592,000, and Dickson, which grew 7.3 per cent to $625,000.

Similarly, Narrabundah grew by 5.1 per cent to $688,250 and Gungahlin increased 4.6 per cent to $470,900.

$469,000+

217/90 Swain Street, Gungahlin ACT 2912

2

1

1

View property

Belle Property’s Josh Yewdall said suburbs such as Bruce and Belconnen were equally realising stronger prices of late.

“We’re seeing strong demand from first-home buyers seeking upper-level apartments, while ground-level properties are being snapped up by downsizers,” he said.

“There’s been an increase in demand over the past few weeks with a number of properties selling within a few weeks of listing.”

According to the report, the median unit price in Bruce grew by 3 per cent over the year to $479,000.

View property

Overall, unit prices in Canberra increased by just over $10,000 (or 1.8 per cent) over the June quarter after two deep quarters of a decline. This is roughly $34,000 (or -5.5 per cent) below its price peak.