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.