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Canberra takes top spot in property rankings

Canberra takes top spot in property rankings

The national capital has established itself as Australia’s fastest growing real estate market, based on new quarterly data.

CoreLogic has reported that Canberra’s median price reached $614,000 at the end of July – a 4.9 per cent increase on April.

That put Canberra ahead of both Melbourne (4.1 per cent) and Sydney (2.2 per cent) in terms of price growth.

Darwin, Hobart, Brisbane and Perth all went backwards over the quarter, while Adelaide barely moved ahead.

RegionMedian priceMonthly changeQuarterly changeAnnual change
Sydney$856,0001.4%2.2%12.4%
Melbourne$655,0003.1%4.1%15.9%
Brisbane$490,000-0.6%-0.7%2.2%
Adelaide$434,0001.1%0.1%2.1%
Perth$475,000-1.3%-0.3%-2.1%
Hobart$338,0000.9%-1.4%6.5%
Darwin$485,000-1.2%-6.8%-2.1%
Canberra$614,0002.4%4.9%12.9%
All capitals$625,0001.5%2.2%10.5%
Rest of country$382,5000.2%0.0%5.4%

Annual results paint a different picture

However, the picture looks different when the capital cities are examined over a one-year timeframe.

There are now four distinct categories. Leading the way are three boom markets – Melbourne, Sydney and Canberra.

They are followed by Hobart, which is performing strongly.

Brisbane and Adelaide are moving roughly in line with inflation, which is currently at 1.9 per cent.

Perth and Hobart, which have been in a slump for several years, continue to go backwards.

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