According to new data released by the Australian Bureau of Statistics, Canberra residential property prices are continuing their climb, spelling excellent returns for those choosing to sell at this time of year.
The Residential Property Price Index, an aggregate measure used to compare residential housing prices, has grown in Canberra for the last year. The rise of 1.3 per cent in the September quarter this year follows a similar rise of 0.8 per cent starting in June and 1.1 percent in the March quarter.
This outpaces similar results in Adelaide, which grew only 1.2 per cent in the September quarter, and matches Canberra, which also rose 1.3 per cent.
While the increase was below the total for all capital cities, which sat at 2.0 per cent, this is largely due to the huge increase in Sydney and Melbourne properties, which grew 3.1 per cent and 2.9 per cent respectively in the September quarter.
It may be tempting to invest instead in these areas of higher growth, but modest rises tend to show a more stable market. In June of this year, Treasury Secretary John Fraser warned the Senate that Sydney was almost certainly in a housing bubble, which would soon burst.
"When you look at the housing price bubble evidence, it's unequivocally the case in Sydney," said Mr Fraser.
Melbourne is also in a similar situation, with Mr Fraser saying that the bubble is "the case in the higher priced areas of Melbourne", and that for the rest of Australia "the evidence…is less compelling".
For those interested in investing or renting in a more stable housing environment, speak to the experts at Ray White Belconnen today to find out how you can get your share of stable, growing Belconnen real estate.