While Canberra property values are currently following a broad downward trend, looking back over the past three years paints a different picture.
Property data firm CoreLogic has analysed the change in median house and unit values since the onset of COVID-19 in March 2020 to February 2023.
On a suburb level, changes in property values were varied across the ACT with some increases as high as 42 per cent and as low as 3 per cent.
CoreLogic Asia Pacific head of research Tim Lawless said Canberra had been through a "roller coaster ride" of home value changes.
"Since the onset of the pandemic ACT housing values have taken a roller coaster ride, surging 38.3 per cent higher through the upswing before dropping 9 per cent since peaking in June last year," he said.
"In dollar value terms, ACT housing values remain approximately $171,165 higher relative to March 2020 levels."
Where the biggest changes occurred
In the three years since March 2020, Canberra's median house value grew 26.6 per cent while unit values climbed 22.8 per cent.
The biggest increase in house values was seen in Narrabundah, where values were up 35.7 per cent over the three-year period to a median of $1,183,931.
Next was Chifley, where house values were up 35.5 per cent, followed by the region of ACT remainder - Gungahlin, which includes Taylor, up 35.4 per cent.
Flynn, Oxley, Hughes and Coombs all saw house values increase between 33 and 34 per cent.
On the other end, CoreLogic's reporting shows Fraser had the most modest change in house values, up 11 per cent over three years to a median of $914,339.
There were fewer suburbs analysed for unit values, however Ngunnawal led the growth with a 41.7 per cent rise in unit values to a median of $636,256.
Unit values were up 37 per cent in Isabella Plains, while ACT remainder - Gungahlin saw 36.3 per cent growth.
The smallest change in unit values was recorded in Macquarie (up 3 per cent).
Combining units and houses, Canberra's median dwelling values were 25.9 per cent higher since the onset of COVID-19, well above the national average of 14.8 per cent and the capital city average of 10.4 per cent.
But Mr Lawless said other capital cities have far surpassed Canberra's rate of growth.
"While the ACT's rate of growth over the period has been high relative to the national and combined capital city benchmarks, other cities like Adelaide (41.4 per cent) and Darwin (29 per cent) along with some regional areas, have recorded substantially higher rates of capital gain over the past three years," he said.
Since ACT property values peaked in June 2022, a downward trend has emerged but the pace of the decline has eased, Mr Lawless said.
"Although housing values are still trending lower, the rate of decline has eased since November last year when the monthly rate of decline was recorded at 1.19 per cent, easing back to a monthly decline of 0.5 per cent in February," he said.
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