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Canberra Real Estate Prices Decline in May

By Ben Faulks

Belconnen real estate could become a more enticing proposition this month, as new statistics show a slight drop in house prices across Canberra in May.

The monthly RP Data-Rismark home values index revealed prices were down 1.3 per cent in the Australian capital, despite the Reserve Bank of Australia reducing interest rates to a historic low of 2.75 per cent.

Tim Lawless, director of research at RP Data, said there was a noticeable slide in nationwide home values in the second half of last month, which he implied may have been caused by a negative reaction to the federal budget on May 14.

However, those looking to sell Belconnen apartments and houses may be encouraged to hear that there are several indicators that the property market remains healthy, in spite of the recent price drops.

Mr Lawless noted that auction clearances remain at or around 70 per cent across Australia, with average selling times on the decline and sales volumes increasing.

The current median price for a dwelling in Canberra is $512,000 – 2.9 per cent higher than in May last year.

Last month, Rismark International chief executive officer Ben Skilbeck said: "Overall, the housing market is in much better shape than it was a year ago where values were still falling and market sentiment was very low."

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