Report shows a drop in ACT unit prices

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CANBERRA unit prices have fallen 2.1 per cent over the September quarter, down 2.6 compared with this time last year, according to a new report.

The median unit price dipped to $447,143, down more than $6000 from the previous quarter, according to the September “Domain House Price Report”, a quarterly report into housing trends by the property management firm.

“Unit prices have underperformed compared to houses, increasing 6.1 per cent over the past five years,” says Domain senior analyst Dr Nicola Powell. 

The dip in unit prices is mirrored in other capital cities with Sydney, Melbourne and Hobart also seeing marginal drops, the report shows.

According to the “McGrath Report 2021”, which was released earlier this week, McGrath Estate Agents founder John McGrath said there’s been a push towards buying houses in the ACT. 

He said Canberra’s economy has been largely unaffected by COVID-19 and first home buyers have been looking to buy houses over units. 

But house prices continue to rise, with median house prices up 3.5 per cent for the quarter, almost 10 per cent higher compared to this time last year, according to the Domain report.

“Canberra’s success in containing the spread of COVID-19, historically low interest rates, income support measures, mortgage repayment holidays and financial incentives and heightened demand continue to support prices,” Dr Powell says.

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