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Canberra house prices remain steady in May

By Ben Faulks

Property buyers and sellers usually eagerly anticipate the beginning of a new month, as this is when various studies, market commentary and interest rate decisions are released.

And this month is no different, with the latest RP Data-Rismark Hedonic index providing insight into house values across Canberra and Australia's other capital cities in May.

Last month, the ACT capital saw house prices remain steady, bucking the national trend, which saw values slump nearly everywhere in the country.

Canberra real estate increased 0.1 per cent in value, with Darwin the only other city to remain in positive territory. Nationwide, house prices slumped 1.9 per cent.

So what does this mean for Belconnen real estate? Well, stability in ACT's housing prices suggests demand remains high in the face of a softening market.

Tim Lawless, RP Data research director, acknowledged the results could be a result of seasonal factors.

"Historically, housing market conditions have softened in April and May as the market rebalances from what is typically a seasonally strong first quarter and also as a result of cooler climatic conditions during the autumn and winter months," he explained.

However, Mr Lawless was quick to add that seeing as this is the first national price drop in 12 months, there is a chance it could indicate the start of a new downward trend.

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