According to the latest report from the Real Estate Institute of Australia (REIA), Canberra has outperformed its peers in price growth amid the COVID-19 pandemic.
During the year through the September quarter, prices in Canberra increased 10.6%, more than in any other state capital. The median price of housing in the Australian Capital Territory increased 3.9%, thanks to its low unemployment rate.
Median prices also increased in Brisbane (2.1%) and Adelaide (4%). Overall, the median median home price in the capital rose 3.6% to $ 773,760.
On a quarterly basis, Melbourne was the only city to report a decline. However, prices in the Victorian capital remained 1.3% higher than last year.
Of all the state capitals, Perth and Darwin registered the lowest median prices at $ 480,000, which is 38% below the national average.
Annual price increases in capital cities show the resilience of the housing market to the COVID-19 pandemic, said Adrian Kelly, president of REIA.
"The challenges of 2021 remain significant, with the continued resumption of mortgage deferrals, the lasting impacts of new foreign policy parameters for residential real estate and the uncertain future of international tourism, international students and immigration, "he said.
A recent report by the Property Investment Professionals of Australia (PIPA) showed that annual median prices in capital cities increased significantly five years after the four recent economic downturns in Australia.
Peter Koulizos, President of PIPA, said property owners and investors alike should take comfort in the resilience of real estate during previous economic upheavals.
“We are in a better position than in previous downturns because of the many financial support programs, such as JobKeeper and JobSeeker, as well as the mortgage repayment breaks available to borrowers,” he said.
Top suburbs:
emerald
,
Torrensville
,
Marrickville
,
homebush
,
The Pelvis
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