House values in one Canberra suburb have soared 64 per cent in the past five years, new property data shows. Subscribe now for unlimited access . $ 0 / (min cost $ 0 ) Login or signup to continue reading Continue with Email Continue with Google Continue with Apple See subscription options Despite relatively weak price performance over the past 12 months, the five-year change in home values paints a more positive picture for home owners.
The data shows ACT property values have increased by about 40 per cent in five years, with houses showing stronger growth (42 per cent) than units (31 per cent). CoreLogic research director Tim Lawless said the five-year growth reflects the stronger market conditions during COVID-19, prior to the recent interest rate rises. "On average, ACT dwelling values have been rising at the annual pace of 6.
9 per cent over the past five years which places the nation's capital roughly in the middle of the pack for the pace of growth in values," he said. Coombs in the Molongo region had the highest growth over the past five years, rising 64 per cent to a median of about $1.14 million.
Next was Fisher in Weston Creek, up 54 per cent to a median of about $882,000. The large gains were no surprise to selling agent Sean Rogers of Blackshaw Weston Creek and Molonglo. "Generally Weston Creek has had good growth over the last five years," he said.
"Within those five years, Canberra in general had a massive spike [in property prices] when interest rates were so lo.
