Home Price Index breakdown: Property values in the ACT right now

December 2024

Canberra experienced the sharpest price drop of any capital city or region over December, falling 0.61%.

REA Group senior economist Anne Flaherty said prices have been “relatively stable” over the past 12 months, with values sitting just 0.45% higher.

The median price in Canberra is $838,000, making it the third priciest capital after Sydney, with its median of $1.106 million, and Brisbane, where the median is $863,000.

Prices are down 5.76% from their peak, but still remain 35.4% higher than March 2020.

This three-bedroom townhouse for sale in Jacka in Canberra's north has a minimum asking price of $669,000. Picture: realestate.com.au

Overall, national home prices fell by 0.17% over the month and capital cities led the decline, Ms Flaherty said.

“Contributing to the slowdown – and reversal – of price growth, the number of properties for sale has been relatively high over the second half of 2024, particularly compared to the same period in 2023. This has given buyers more choice and we’re seeing them take more time when purchasing,” she explained.

“While the impact of stage 3 tax cuts which took effect in July bolstered borrowing capacities for some buyers, this has been counteracted by softer economic conditions.

“In particular, interest rate cuts that were originally anticipated prior to 2025 have now been pushed back.”

November 2024

Canberra has maintained its rank as Australia's third most expensive capital, according to PropTrack's latest Home Price Index. 

The median home price in Canberra is sitting at $843,000, trailing only Sydney, where the median value is $1.112 million and Brisbane, $868,000.

Home prices in the nation’s capital went up 0.28% during November, and are now 1.02% above November 2023 levels.

This four-bedroom house for sale in Bonner in Canberra's north has a minimum asking price of $1,240,000. Picture: realestate.com.au

Canberra was among the strongest capital city performers for growth in November, alongside Hobart, up 0.43%, Adelaide, up 0.40%, and Brisbane, up 0.28%.

However, Canberra home prices remain 4.68% below their March 2022 peak, despite recovering a third of their decline from that peak, according to REA Group senior economist Eleanor Creagh.

October 2024

Home prices in Canberra rose 0.29% during October, with the median price sitting at $845,000, according to PropTrack's latest Home Price Index. 

However,  prices are 0.09% below what they were a year ago and down 5.42% from their March 2022 peak.

Canberra is the nation’s third most expensive capital city when it comes to home prices, after Sydney, which has a median dwelling value of $1.108 million, and Brisbane, $862,000.

This four-bedroom house for sale in Torrens in Canberra's south has a minimum asking price of $1,400,000. Picture: realestate.com.au

The nation’s capital was among three capitals, besides Melbourne and Hobart, to experience price drops since October 2023. 

In comparison, Melbourne’s house prices fell 1.49% over the year, while Hobart’s median dwelling prices dipped 0.93%.

Overall, ACT prices have climbed 36.2% since their pre-pandemic level in March 2020.

Combined, prices in capital cities across the country climbed a further 0.28% in October and rose 5.85% over the past year.