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Improved Affordability for Canberra Property

By Ben Faulks

Anyone hoping to buy property in Canberra and the surrounding areas will no doubt welcome news that house prices have fallen across the Australian capital.

During the three months to March, house prices in Canberra declined by 0.4 per cent at a time when other parts of the country experienced rises, Australian Property Monitors (APM) found.

Units became more affordable throughout the city, with median prices plunging by 3.5 per cent over the quarter.

This may have implications for other areas, including Belconnen real estate, as property across the region becomes more affordable for anyone hoping to get onto the ladder.

RP Data's Tim Lawless recently explained that the Canberra property market has shown some strong signs of improvement, with property values 5.1 per cent higher than they were in January last year.

He noted that in comparison to other capitals, Canberra reached its lowest point relatively early, meaning the market has had longer to rebound.

Across all the capital cities, Mr Lawless explained that values still need to recover by more than three per cent until they can reach historic highs, although analysts believe it could be some time yet before this situation arises.

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