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The Canberra Times
The Canberra Times
National
Lucy Bladen

How Canberra's property value compares to other capital cities amid COVID-19

Canberra was the only capital city where prices rose during the coronavirus pandemic's first wave. Picture: Dion Georgopoulos

Canberra was the only capital city where property prices grew during the peak of the coronavirus pandemic's first wave, Australian Bureau of Statistics data has showed.

Property prices in the nation's capital grew by 0.8 per cent during the June quarter. Over the past 12 months, property prices have increased by 3.6 per cent in the territory.

There was not much difference in the growth rates in Canberra between houses and attached dwellings.

Houses were up 0.8 per cent over the quarter and attached dwellings were up 0.7 per cent. Over the year, house prices rose 3.7 per cent and attached dwellings rose 3.4 per cent.

Read more: Why you might be seeing more rare birds in your neighbourhood

Across the capital cities, prices fell 1.8 per cent over the three months to June 2020, based on a weighted average.

Melbourne had the steepest quarterly fall down 2.3 per cent followed by Sydney, which was down 2.2 per cent.

However, property prices across most capital cities remained higher year-on-year. Perth, down 0.2 per cent, and Darwin, down 2.7 per cent, were the only cities to experience declines.

Nationally prices were up 6.2 per cent.

The coronavirus pandemic caused a declined in property sales, ABS head of price statistics Andrew Tomadini said.

"The number of residential property transactions fell substantially in the eight capital cities during the June quarter 2020 due to the effects of COVID-19 on the property market," he said.

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