Canberra
Prices stabilise
Our newest $ 1 million city remains that way despite the downturn . And for now , it looks like prices have stabilised in our nation ’ s capital . After declining by 8.2 per cent last year , the second biggest decline after Sydney , prices have risen by two per cent since December . There are still a lot of challenges however in property markets - interest rates are continuing to rise and we have a lot of people coming off fixed rates . But this seems to be being tempered by a shortage of properties for sale , population growth and a construction crisis limiting new development .
Similarly to the rest of Australia , it ’ s the most expensive parts of Canberra that have declined the most . The median in South Canberra has now declined by just under $ 195,000 since last year . In comparison , Canberra East has seen the smallest decline of just under $ 7,000 .
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