Fifteen Canberra suburbs, as well as Googong across the border, fell out of the $1 million zone over the past year — their median houses prices are now six figures.
abc.net.au/news/canberra-house-prices-drop-amid-rate-rises/102487468The boom that pushed many house prices above $1 million has petered out amid rising interest rates, new data suggests.The biggest falls were in Garran and, across the border, in Jerrabomberra However, almost half of Canberra's suburbs still have a seven-figure median house price.
The ACT's median dwelling value fell 8.8 per cent in the year to the start of June, compared with a 6.8 per cent drop nationally. CoreLogic noted the cumulative effect of 12 interest-rate increases, saying "membership of the $1 million club has become more exclusive".However, there are signs the property slump may have bottomed out.
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