Buying a home in Canberra is now likely to set you back more than $1 Million with the local housing market experiencing its biggest growth in almost 30 years.

House prices grew more than 10% in the June quarter with the median price in the Nation’s Capital now sitting at $1,015,833.

That’s an increase of $96,000 in the past three months, or roughly $1,054 a day over the same period.

Unit prices have seen a slightly more modest increase, rising 3.6% in the past quarter to sit at $504,217.

Domain’s Senior Research Analyst, Dr Nicola Powell said there’s a number of factors contributing to the sharp increases.

“Canberra’s higher average income, large public sector employment base, growing jobs market, lifestyle and a turnaround in interstate migration continues to buoy the local housing market.”

Canberra remains the third most expensive city to buy a house in the country, behind Melbourne who’s median house price is just $7,094 higher than the Capital’s.


However, another quarter with similar growth could soon see Canberra better the Victoria Capital and claim second spot behind Sydney.

Check out how other cities fared over the past three months:

Capital City Jun-21 Mar-21 Jun-20 QoQ YoY
Sydney $1,410,133 $1,303,185 $1,137,246
Melbourne $1,022,927 $982,382 $880,620
Brisbane $678,236 $645,718 $600,258
Adelaide $629,728 $597,187 $541,591
Canberra $1,015,833 $919,900 $786,517
Perth $595,823 $589,687 $530,702
Hobart $646,301 $606,275 $503,392
Darwin $608,519 $559,022 $497,543
National $955,927 $903,471 $804,380
Source: Domain
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