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.

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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
+8.2%
+24.0%
Melbourne $1,022,927 $982,382 $880,620
+4.1%
+16.2%
Brisbane $678,236 $645,718 $600,258
+5.0%
+13.0%
Adelaide $629,728 $597,187 $541,591
+5.4%
+16.3%
Canberra $1,015,833 $919,900 $786,517
+10.4%
+29.2%
Perth $595,823 $589,687 $530,702
+1.0%
+12.3%
Hobart $646,301 $606,275 $503,392
+6.6%
+28.4%
Darwin $608,519 $559,022 $497,543
+8.9%
+22.3%
National $955,927 $903,471 $804,380
+5.8%
+18.8%
Source: Domain
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