Despite the recent cooling in house prices, independent home prices on the outskirts of Canberra have risen significantly over the past five years, with some areas up more than 50 percent.
Canberra`s strongest growth in five years has been concentrated in the city, the North and South. ``We see the most expensive regions in the price cycle, which is, the Inner North and Inner South, leading the price rise, `` said Nicola Powell, a senior research analyst at Domain Group.
Before 2019, separate houses in Canberra experienced six years of rise. Although house prices in Sydney and Melbourne have soared, house prices across the country have risen more modestly.
Canberra`s annual rate of rise peaked in the first quarter of 2017, with median house prices up 10.3 percent year-on-year. Overall, prices for separate homes in Canberra rose 25.8% in five years.
According to the latest Domain House Price report for the first quarter of Domain House Price, during the period, Ainslie in the northern region experienced the largest rise, with the median price of AUD 1.085,000, an increase of 58.1%.
Most of the growth in the central region took place in October last year, with median house prices up 32.6 percent year-on-year. The median price of Ainslie also exceeded the A $1 million mark in 2018.
Yarralumla in the southern part of the country rose 51.8 percent in five years to a median price of A $1.425 million.
"the median price in the first two districts is more than A $1 million, which does reflect the activity of buyers over the past few years," Powell said.
"because interest rates have hit an all-time low, homeowners have received a lot of capital growth over the past few years."
Casey, north of Canberra, rose 45.7 percent to a median price of A $628983.
"the facilities in this area are great," said Lisa Van Niekerk, a broker from LJ Hooker real estate Gungahlin.
Casey Market Town is one of the best towns in Canberra at present. It is very convenient to live.
"houses close to Casey Market Town are suitable for large rooms for small rooms," Van Niekerk said. "there are some very good real estate, small rooms that are easy to maintain, mostly two-bedroom or three-bedroom housing," Van Niekerk said.
Kaleen, another district in northern Canberra, soared 40.3 percent to a median price of A $745000.
According to Sebastian Gutierrez, a broker at Ray White Canberra, buyers who have been squeezed out of high prices in the north and the interior in recent years have turned to Kaleen, promising to knock down young professionals who have been rebuilt, first-time buyers and families with large and small homes.
Home prices rose in the inner and northern regions, with O`Connor and Downer, rising 38.7% and 36.4% in the top 10, respectively.
The median price of Weston in the southern region was A $705000, up 36.1 percent, while the median price of Chisholm was A $597500, up 34.3 percent.
For independent homeowners in Canberra, the good news is that prices in none of the districts have fallen in the past five years, with Banks, prices rising 7.7 percent even at the lowest rate of rise.
But apartment owners are not so lucky because prices in many districts are lower than they were five years ago, such as the median price of A $355000 in Bruce, down 14.4 percent.
Although apartments rose the strongest in the first quarter from a year earlier, Greenway`s median price was just A $390000, 8.3 percent lower than in 2013.
Like detached houses, apartment prices in many districts on the outskirts of Canberra have soared over the past five years.
Campbell performed best, with a median price of A $550000, up 31 per cent. Dickson and Turner increased by 18% and 13%, respectively.
The price of the apartment in Canberra was up only 4.5%in five years.
* this analysis includes only areas with sales of more than 50 in the 12 months to March 2019.
