The Canberra property market looks a little stagnant as we close out 2024. The city's median house price rose just 0.7% through the year while unit prices dropped 2.9%, according to CoreLogic. Canberra's median dwelling price is now $852,000 - 6.5% lower than the peak of March 2022.
Looking ahead for Canberra house prices, forecasts vary considerably.
SQM Research expects Canberra will see the largest decline in dwelling prices of any capital, with property values expected to drop between 2% and 6%. On the other hand, KPMG Australia predict Canberra house prices will grow 6% next year.
Such uncertainty likely isn't very reassuring for those considering buying, but it's probably safe to assume price changes will vary across different regions of the ACT.
We've consulted two leading analysts from some of Australia's most prominent buyer's agencies on their picks for Canberra suburbs well placed for a big 2025.
Dunlop, 2615
| Median Price (November 2024) | Annual growth | Median Weekly Rent (November 2024) | Annual growth | |
|---|---|---|---|---|
| Houses | $850,000 | 6.3% | $650 | 0% |
| Units | - | - | - | - |
Dunlop is a suburb on the ACT/NSW border, about 20kms north west of the CBD. Sam Powell, property analyst at Hello Haus, picked out Dunlop for its growth potential next year.
"[Dunlop's] strong rental yield, low vacancy rate, low stock on the market and high auction clearance rate… make it likely to outperform the Australian average growth rate of approximately 5% p.a.," he told Savings.com.au.
Holt, 2615
| Median Price (November 2024) | Annual growth | Median Weekly Rent (November 2024) | Annual growth | |
|---|---|---|---|---|
| Houses | $767,000 | 3.0% | $620 | 0% |
| Units | $675,000 | 15.4% | $540 | -10% |
Slightly east of Dunlop but still in the same postcode is Holt, another pick from Hello Haus. It's got a population of about 6,000 and it's named after Harold Holt - the Australian Prime Minister who disappeared at the beach in 1967. The Holt property market performed well in 2024, with house prices growing 3% while unit values rose an eye catching 15.4%.
"Holt has strong socioeconomic indicators and low supply levels may drive price appreciation [in 2025]," Mr Powell said.
Macarthur, 2904
| Median Price (November 2024) | Annual growth | Median Weekly Rent (November 2024) | Annual growth | |
|---|---|---|---|---|
| Houses | $990,000 | 8.5% | - | - |
| Units | - | - | - | - |
Investorkit senior research analyst Junge Ma said investor attention should be focused on the Tuggeranong region, located to the south of Canberra.
"House prices [there] remain relatively affordable and show strong resilience against the challenges of high interest rates," she told Savings.com.au.
One of her picks was Macarthur, where house prices grew 8.5% in 2024. She said the area's supply-demand dynamic likely means prices will continue to grow next year.
"Inventory [in Macarthur] is extremely low, with only about one month of stock available," she said.
Gowrie, 2904
| Median Price (November 2024) | Annual growth | Median Weekly Rent (November 2024) | Annual growth | |
|---|---|---|---|---|
| Houses | $918,000 | 6.3% | $730 | 6.2% |
| Units | - | - | - | - |
Gowrie is also in the 2904 postcode and also saw significant price growth in 2024. It has an inventory level of 2.5 months. This means that, compared to Macarthur, the area has more properties available relative to sales volumes.
Though, according to HtAG analytics, an inventory level below three months suggests good return on investment opportunities for buyers. Ms Ma also points out Gowrie's inventory level is trending down.
"[Inventory] is down 13% compared to the same time last year," she said.
She said the numbers suggest Gowrie might be a strong option for investors.
"The vacancy rate in the area has dropped to just 0.8%, down from 1.5% a year ago," she explained.
"Consequently, rents have risen by 6.2% over the past year, significantly outpacing the ACT average of 1.5%."
Calwell, 2905
| Median Price (November 2024) | Annual growth | Median Weekly Rent (November 2024) | Annual growth | |
|---|---|---|---|---|
| Houses | $835,000 | 7.4% | $670 | 3.1% |
| Units | $674,000 | 9.0% | - | - |
Calwell was the only suburb identified by both Investorkit and Hello Haus as a potential 2025 winner.
"Low stock on market suggests strong buyer competition…. 34 days average on market indicates quick sales," Mr Powell said.
Ms Ma also highlighted the area's low inventory levels (just 1.1 months of stock on market) and pointed to investment prospects.
"The vacancy rate has dropped significantly," she said.
"The tightening market is expected to push rents higher, maintaining rental yields at a relatively healthy level."
Banks, 2906
| Median Price (November 2024) | Annual growth | Median Weekly Rent (November 2024) | Annual growth | |
|---|---|---|---|---|
| Houses | $748,000 | 1.4% | $620 | 6.9% |
| Units | $605,000 | -7.9% | - | - |
With a median price of $748,000, Banks has the most affordable houses of any suburb on this list, despite prices having grown 1.4% in 2024.
Its median house price remains 23% lower than the Canberra median, and Ms Ma says market dynamics look promising for growth.
"Banks is one of the most affordable suburbs in the ACT with a healthy inventory of approximately two months of stock," she said.
"Average days on market have decreased by 25% over the past year."
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