{"id":39782,"date":"2022-08-01T21:36:01","date_gmt":"2022-08-01T09:36:01","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=39782"},"modified":"2022-08-01T21:36:01","modified_gmt":"2022-08-01T09:36:01","slug":"the-canberra-region-where-the-median-house-price-ticked-over-2-million","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/the-canberra-region-where-the-median-house-price-ticked-over-2-million\/","title":{"rendered":"The Canberra region where the median house price ticked over $2 million"},"content":{"rendered":"

PHOTO: Lorena Orp looked around Canberra\u2019s regions for five months before purchasing her dream home. Photo: Ashley St George<\/strong><\/p>\n

A Canberra<\/a> region recorded an eye-watering median house price of over $2 million despite the annual pace of growth in the ACT slowing to an 18-month low, according to a new report.<\/p>\n

\"Canberra\"<\/a><\/div>\n
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Canberra lays claim to Australia\u2019s priciest rents<\/a><\/h2>\n<\/header>\n<\/div>\n

The\u00a0Domain House Price Report<\/i><\/a>, released on Thursday for the June quarter, reveals that the Inner South\u2019s median house price increased over the quarter by 5.1 per cent to $2.05 million, up 13.9 per cent year-on-year.<\/p>\n

It is Canberra\u2019s most expensive region in which to purchase a house and recorded the biggest quarterly change. It is the only district with a median house price of more than $2 million.<\/p>\n

\"Inner
The Inner South is the most expensive region in which to purchase a house in Canberra and recorded the largest quarterly growth. Photo: Ashley St George<\/strong><\/em><\/figcaption><\/figure>\n

This comes after the ACT median hit $1,154,535, growing by 1.8 per cent over the quarter and 14.3 per cent year-on-year.<\/p>\n

\"Canberra\"<\/a><\/div>\n
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How many politicians own property in Canberra and where?<\/a><\/h2>\n<\/header>\n<\/div>\n

Across the Canberra regions, all but Weston Creek and Woden Valley continued to grow over the quarter.\u00a0The median house price fell by 1.6 per cent in Weston Creek and by 1.3 per cent Woden Valley.<\/p>\n

Despite the quarterly decline, every region recorded double-digit annual growth over the full year.<\/p>\n

\n\n\n\n\n\n\n\n\n<\/colgroup>\n\n\n\n\n\n\n\n\n\n\n
Region<\/strong><\/td>\nProperty<\/strong><\/td>\nJun-22<\/strong><\/td>\nMar-22<\/strong><\/td>\nJun-21<\/strong><\/td>\nQuarterly change<\/strong><\/td>\nAnnual change<\/strong><\/td>\n<\/tr>\n
Belconnen<\/strong><\/td>\nHouse<\/td>\n$950,000<\/td>\n$927,500<\/td>\n$761,500<\/td>\n2.4%<\/td>\n24.8%<\/td>\n<\/tr>\n
Gungahlin<\/strong><\/td>\nHouse<\/td>\n$1,000,000<\/td>\n$968,000<\/td>\n$810,000<\/td>\n3.3%<\/td>\n23.5%<\/td>\n<\/tr>\n
Molonglo<\/strong><\/td>\nHouse<\/td>\n$1,215,000<\/td>\n$1,205,000<\/td>\n$925,000<\/td>\n0.8%<\/td>\n31.4%<\/td>\n<\/tr>\n
North Canberra<\/strong><\/td>\nHouse<\/td>\n$1,450,000<\/td>\n$1,450,000<\/td>\n$1,222,500<\/td>\n0.0%<\/td>\n18.6%<\/td>\n<\/tr>\n
South Canberra<\/strong><\/td>\nHouse<\/td>\n$2,050,000<\/td>\n$1,950,000<\/td>\n$1,800,000<\/td>\n5.1%<\/td>\n13.9%<\/td>\n<\/tr>\n
Tuggeranong<\/strong><\/td>\nHouse<\/td>\n$915,000<\/td>\n$901,000<\/td>\n$755,000<\/td>\n1.6%<\/td>\n21.2%<\/td>\n<\/tr>\n
Weston Creek<\/strong><\/td>\nHouse<\/td>\n$1,077,500<\/td>\n$1,095,000<\/td>\n$886,500<\/td>\n-1.6%<\/td>\n21.5%<\/td>\n<\/tr>\n
Woden Valley<\/strong><\/td>\nHouse<\/td>\n$1,410,000<\/td>\n$1,428,750<\/td>\n$1,200,000<\/td>\n-1.3%<\/td>\n17.5%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
\u00a0<\/a><\/div>\n<\/div>\n

Even though the Inner South recorded the highest median price and the most growth over the quarter, it was being impacted by the changing market just as the other regions are, according to\u00a0Samuel Thompson of LJ Hooker Manuka.<\/p>\n

\u201cThe Inner South will always be top-of-the-line real estate in Canberra, but we have seen price adjustments starting to happen more often in the past three months,\u201d he said.<\/p>\n

\u201cThe area itself is not untouched in the changing market, but it will always continue to be highly sought-after in the Canberra region.\u201d<\/p>\n

\"IMG_2421_evbebb\"
The Inner South\u2019s median house price increased over the quarter by 5.1 per cent to $2.05 million, up 13.9 per cent year-on-year. Photo: Peter Rae<\/strong><\/em><\/figcaption><\/figure>\n

The popularity and quality of houses in the area had caused the Inner South to maintain its value, despite the shifting market, Thompson added.<\/p>\n

\u201cI believe this will remain the case long-term; Canberra\u2019s Inner South suburbs are always going to be the place [in which] to buy,\u201d he said.<\/p>\n

\u201cWhat we are seeing now is that the urgency among buyers to find a property has slowed, and the patterns that we were seeing in the marketplace months ago are different to the trends now.<\/p>\n

\u201c[Buyers across Canberra] are being a lot more cautious and are taking more time when making purchasing decisions in the current market.\u201d<\/p>\n

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