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Canberra now Australia’s second most expensive property market

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Canberra now Australia’s second most expensive property market

by Sam O Connor 02 December 2020 1 minute read

Canberra is now Australia’s second most expensive property market, overtaking Melbourne.

Canberra
December 02, 2020

New data from property research firm CoreLogic shows Canberra now carries a median value of $672,866, overtaking Melbourne which sits at a close $672,172.

Sydney remains the most expensive property market in the country with a median value of $860,967.

They are followed by Brisbane ($515,267), Hobart ($505,683), PerthPerth, TAS Perth, WA ($463,846) and Adelaide ($459,896).

Darwin remains the cheapest capital city to buy a property in, with a median value of $405,857.

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Nationally, the median value of a property in Australia – which includes both units and free-standing houses – is now $565,474. It rose 0.8 per cent in November.

“The national home value index is still seven-tenths of a per cent below the level recorded in March, but if housing values continue to rise at the current pace, we could see a recovery from the COVID downturn as early as January or February next year,” said CoreLogic’ head of research, Tim Lawless.

“The recovery in Melbourne, where home values remain 5 per cent below their recent peak, will take longer.”

Canberra now Australia’s second most expensive property market
Canberra
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Sam O Connor

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