Canberra property prices are showing some of fastest growth of all Australian capital cities, according to the latest figures from Core Logic RP data.
The Canberra housing market recorded the largest increase in values after a 5.6 per cent quarterly rise, lifting 0.4 per cent for the month.
Tim Lawless, research director at CoreLogic, said the price increases were connected to the special conditions of the Canberra market.
“The strong conditions across the Canberra market are largely related to rising house values, with unit values increasing at less than half the pace of detached housing,” Mr Lawless said.
The figures show every other capital city recording price increases, apart from Adelaide (-1.3 per cent) and Perth (-1.5 per cent).
As always, Sydney was leading the increase in property prices across the country with prices there jumping 10.6 per cent year on year. Melbourne, Australia’s second most expensive city, came in at 9.1 per cent year on year.
That said, Canberra wasn’t far behind on 7.9 per cent year on year, giving it the third highest growth in the country.