Canberra house prices fall 5.7% as interest rate rise looms
Canberra house prices fell 5.7% this year, with detached homes dropping a further 1% in October alone.
Canberra's house market is weakening ahead of another interest rate rise expected on Tuesday. New data shows detached house prices fell 1% in October and are down 5.7% for the year, while units and townhouses steadied with a 0.3% rise last month.
The median house price sits at $984,000, with overall market median at $844,000. Higher interest rates have pushed first-time buyers out of the market as borrowing capacity tightens.
The falls are not even across the city: prices have fallen furthest in South Canberra, Woden and North Canberra, while Tuggeranong has held up better. An agent said cashed-up buyers now have an edge, with good value homes selling quickly but those overpriced or needing work sitting longer.
- 5.7%
- Annual house price fall
- 1%
- October house price fall
- $984,000
- Median house price
- North Canberra at 6.0% fall
- Worst-hit district
Why it mattersHome prices are falling and buyers have more leverage, but most potential owners are absent from the market due to low confidence and difficulty affording mortgages.
AustraliaCanberra residents face slower property sales and lower prices, while first-time buyers remain locked out by higher borrowing costs.
✓ Claims checked against the source and corrected before publish. checked 1 h ago
