The Canberra suburbs where median property prices are more $1 million

CoreLogic's Million Dollar Market report found 17 ACT suburbs cracked the milestone for the first time in the past 12 months, while the most expensive areas inch closer to the $2 million mark.

There are now at least 28 suburbs with a median house price more than one million dollars. The report doesn't include house prices for suburbs with fewer than 20 sales, such as includes Forrest (which has previously reported a median well over $2 million and even to $3 million), Reid and O'Malley (which have both previously been more than $1 million).

It comes after a separate report earlier this week by Hotspotting said there were 10 suburbs where the median had gone past $1 million. Hotspotting's Price Predictor Index report used sales activity and trends in patterns of growth and decline across suburbs for its findings.

CoreLogic puts Canberra's median house value at $852,398 compared to Sydney's median $1.2 million.

CoreLogic head of research Eliza Owen said Canberra's housing market would likely begin to slow down before it hit a million dollar median.

"I think some of that momentum is likely to come out of the market off the back of affordability constraints," Ms Owen said.

In the CoreLogic report, Griffith remains the most expensive place to buy and has soared in value jumping almost $760,000 in 12 months, to a median house price of $2.19 million in May 2021.

House values in Red Hill ($1.9 million), Deakin ($1.8 million), Yarralumla ($1.8 million) and Campbell ($1.6 million) had already surpassed the milestone in 2020 but values continued to skyrocket over the past 12 months.

Woden Valley had the highest number of suburbs added to the list with eight including Hughes, Isaacs, Farrer and Curtin which topped the list of the most expensive newcomers.

A massive price hike in Hughes put it well past the million dollar mark with a median house value of $1.36 million, up almost $400,000 from May 2020.

In Belconnen, Weetangera's median rose from $976,115 in May 2020 to $1.17 million in May 2021.

Downer, Hackett, Lyneham and Dickson joined the million dollar club the inner-north.

In Gungahlin, Nicholls and Forde made the list alongside Chapman in Weston Creek.

A Yarralumla home at 14 Musgrave St was the highest sale this year so far, according to CoreLogic data.

The six-bedroom, six-bathroom home was sold by Berkley Residential to a Canberra family, for $5 million in May.

Ms Owen said soaring prices would continue to push first home buyers out of the market.

"The latest ABS finance data reinforced this, showing April marked the third consecutive month of decline in finance secured for the purchase of property by first home buyers," she said.

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Prices have climbed to record-breaking heights recently as Canberra surpassed every capital city with a 10.9 per cent property price increase over the past 12 months, according to ABS data.

Ms Owen said affordability constraints were starting to take hold in the ACT but while there were "glimpses" of the market beginning to slow, demand remained very high.

"The biggest thing that's going to change market conditions is any change to housing finance," she said.

Earlier this week, Ms Owen said while there had been an increase in properties for sale of 12 per cent in the past month, the supply-and-demand dynamic was "pretty extreme across the ACT".

The median price for all ACT dwellings is $746,573, which Ms Owen said "eclipsed" all capital cities except Sydney, which was $970,000.

CoreLogic estimated there were 2700 residential property sales across the ACT in the three months to May while just 1900 new properties were listed.

"That basically means for every new listing that comes onto the market there's more than one sale happening," Ms Owen said.

"That's leading to this depletion of total stock levels, while you've got that demand-and-supply dynamic going on, that really supports property prices [and] it signals that demand is still pretty high."

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