Canberra has recorded its biggest annual increase in house prices ever on record.

The average asking price of a home grew more than 32% in the past 12 months, now sitting at a whopping $1.07 Million.

Analysis from the Domain property group puts the Nation’s Capital as the second most expensive to city yo buy a home in Australia, Sydney came in at number one.

Chief of Research and Economics, Dr Nicola Powell said the increase in prices means Canberra homes grew in value by $720 a day over the past year.

“Buyers continue to operate in a sellers’ market due to the heightened competition in securing a sale and exaggerated reduction in supply throughout lockdown weeks.”

“The auction market remained phenomenally strong, extending its historic run of clearance rates above 80 per cent for every month this year into recent lockdown months, hitting 89 per cent in September, the highest monthly result for the year to date.”

However, It’s a slightly different story for units, with prices dropping 2.6% in the past year.

Advertisement
Advertisement
Listen to the latest news below: