Canberra is now Australia’s second most expensive property market, overtaking Melbourne.
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.
Darwin remains the cheapest capital city to buy a property in, with a median value of $405,857.
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.”