While the median Canberra house prices continue to creep up past the $1 million dollar mark, signs of slowing growth have emerged in several suburbs.
New data from property data firm CoreLogic breaks down the annual and quarterly change in house values across the ACT. Of the 86 suburbs analysed for house prices, seven saw a quarterly decline in values.
The biggest declines were seen in Aranda, where the median house value fell 1.9 per cent to $1,360,383, and Ainslie, where the median dropped 1.3 per cent to $1,620,679.
House value declines were also recorded in Campbell, which fell 1.1 per cent, Mawson, down 0.9 per cent, Turner, down 0.6 per cent, and Curtin, down 0.1 per cent. A minor decline was also noted in Dickson, where house values fell by 0.03 per cent.
The value of Canberra's unit market remained strong, with none of the 48 suburbs analysed reporting a fall in unit values. Of the 134 combined unit and house markets analysed, just 5.2 per cent saw a quarterly decline in values.
CoreLogic head of research Eliza Owen said Canberra's outperforming unit market could be attributed to "relative affordability compared to the house segment, as well as increased investor participation in housing markets, as rents rise and units generally offer better gross rent yields."
The data was released through CoreLogic's mapping the market tool, which analysed 3111 capital city house and unit markets across Australia.
Nationwide, a quarterly decline in values was reported across 23.6 per cent of markets, the majority of them in Sydney and Melbourne.
Of Sydney's 917 house and unit markets analysed through the March 2022 quarter, 38.6 per cent recorded a decline in value. In Melbourne, almost half (46.8 per cent) of the 648 house and unit markets recorded a value decline.
Meanwhile, of the 651 house markets analysed across Brisbane and Adelaide, not a single suburb recorded a quarterly or annual decline in values.
Ms Owen said high-value and inner-city suburbs are likely to be the first to experience a downward trend.
"It is likely that slightly tighter lending conditions and higher average fixed rates are hitting the very top of housing markets first," she said.
"These same areas are seeing some of the bigger jumps in advertised stock levels too so as we see new demand for housing in these areas decline buyers have more choice, more time for decision-making and more power at the negotiating table."
