Property values around Australia have increased 11.8% since June 2020.
This surge in property value has caused all our major banks to forecast 20% to 30% rises in property values around Australia this cycle with strong growth continuing for some time and then slowing down over the next couple of years.
Canberra’s real estate market is on the way up with 1.9% growth since last month and 14.2% since June last year.
As of June 2021, the median dwelling price in Canberra is $734,107 with median house values at $820,000 and median unit values of $492,400, showing annual growth of 2.3% over the past decade.
Housing demand in Canberra is still strong and steady, as demonstrated by weekly rent and yields figures. Rentals yields are among the highest throughout the capital cities, with weekly rent sitting at $570 for houses and $520 for units.
Gross rental yields have dropped from previous years, sitting at 3.2% for houses and 4.2% for units.
The average number of days on the market for sale properties increased in the last 12 months with 30 days on average (slightly less than the 34 day average this time last year).