News State ACT News ACT house prices fall, national figures rise

ACT house prices fall, national figures rise

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Canberra was the only capital city to record a fall in house prices during the September quarter according to the latest figures.

The Australian Property Monitors (APM) house price report from July to September describes the Canberra property market as volatile and mixed.

The median house price dropped by 1.4 per cent to $562,000.

Over the year house prices were up by just 0.2 per cent.

Unit prices were down 0.8 per cent over the quarter, but up 2 per cent over the year.

The report notes the drop in house prices in the ACT reflects ongoing concerns over the economy, particularly in public sector jobs.

Nationally the housing market recorded its fourth consecutive quarter of growth.

Sydney house prices jumped by 4.2 per cent and Melbourne homes rose by 2.2 per cent.

The median house price for Sydney has now reached $722,718.

APM economist Andrew Wilson says the capital city results are mixed.

“Although the national median house price had a solid increase over the quarter this outcome primarily reflected strong contributions from the Sydney market and to a lesser extent the Melbourne market,” he said.

“Despite the influence of the lowest interest rates in 60 years generating buyer and seller interest, local supply and demand factors continue to drive housing price growth.”

APM figures released earlier this month show rental prices in Canberra have also fallen about $20 a week.

The median asking rents for houses in Canberra dropped 3.6 per cent, from $480 to $463 a week, in the September quarter.

While unit rents were down 1.7 per cent dropping from $410 dollars to $403 a week.

Figures released by RP Data last week show Canberra house prices rose 3.7 per cent in the past year.

Charnwood was listed as Canberra’s cheapest suburb for housing with a median house price of $385,852.