With the pandemic driving an unprecedented need for more public servants , Canberra hit its highest level of quarterly median house price growth ever recorded at the end of 2021 . Prices grew by 16.9 per cent in just three months to hit a median of $ 1.07 million . O ’ Malley saw its median jump by $ 1 million while Forrest became the first suburb to hit a median over $ 3 million . Prices however also rose rapidly at lower price points .
While prices have risen rapidly , so too have rents . House rents have jumped 13.3 per cent , while units have increased 6.5 per cent . There will continue to be more pressure on these in 2022 if this pandemic continues and added to this will be pressure from population growth following the reopening of international borders . This will continue to make conditions tough for renters but will kick start a new construction phase which should settle down rental growth longer term .
Canberra tends to be less sensitive to interest rate talk than bigger cities and as a result , the strong price growth trajectory is likely to continue for a while longer . Beyond that , it will depend on the course of the pandemic , as well as the upcoming federal election .
23