The cost of property in the Nation’s Capital continues to grow at record speeds, with Canberra further closing the gap behind Sydney as the second most expensive city to buy in a home in Australia.

New analysis from property group, Domain, found the median house price in the ACT now sits $1.178 million.

That follows Canberra’s largest ever quarterly price growth (11.3%) at the end of last year.

Overall, prices for houses in the ACT grew by a whopping 37% throughout the entirety of 2021 – that’s more than $300,000 in the past 12 months.

Domain’s Chief of Research and Economics, Dr Nicola Powell, said that’s in line with record growth seen in Canberra region throughout the pandemic.

“Since the pandemic began, house prices have risen 52 per cent, the highest rate of growth recorded across the capital cities.”

Unit prices in the capital saw a slight decline in the last quarter of 2021 but were up by nearly 10% for the year annually.

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