Canberra house values up 388 per cent over 30 years, CoreLogic data shows

The thriving gardens, fruit trees out the back and handmade fence of vintage skis are all evidence of a proud home owner.

In 1991 she was walking past the house when she noticed the for sale sign.

"I was walking down to the shops with my baby in the pram, walked past the place, saw the for sale sign, peeked over the fence and went 'oh my god, this is gorgeous'," she said.

She paid $125,000 for the 1960s-built house on Arunta Street.

At the time, she said Narrabundah was considered an undesirable suburb; there was even a phrase thrown around labeling it a "a social blunder" to live in Narrabundah.

But a lot has changed in the three decades since and Ms Morison has witnessed it first-hand: knock-down rebuilds, apartment developments and a steady surge in property prices.

Ms Morison's home could fetch around $1.3 million when it goes to auction on Saturday - an eye-watering increase of 940 per cent in 31 years.

"I brought up my kids here, I've had three children and they've all moved out. So I've basically got a big home that I'm rattling around in and I think I need to downsize," Ms Morison said.

It's a similar story of extraordinary growth across the ACT, according to recent data from CoreLogic.

Between July 1992 and July 2022, ACT dwelling values (combining houses and units) increased by 388 per cent.

That's the equivalent of 5.4 per cent growth each year for the past three decades.

Houses have performed stronger than units, with values up 431 per cent and 261 per cent respectively. Over the three decades, house values in the ACT were up about $850,600, while unit values were up $452,520.

The Gungahlin region recorded the highest 30-year growth rate of Canberra's SA3 regions, with house values up 754 per cent.

In dollar terms, that's an extra $964,220 to the median value of a house over three decades.

Tim Lawless, research director at CoreLogic, said significant investment in infrastructure, transport, retail and commercial developments throughout Gungahlin over the 30 years has contributed to its "exceptional growth" in property values.

Houses in North Canberra saw the second highest growth rate at 475.7 per cent, adding $1,236,332 to the median house value.

House values in South Canberra, which includes Narrabundah, have risen 369.1 per cent, the equivalent of $1,560,335 more.

The Tuggernong region was the biggest growth area for unit values, which rose 367.2 over 30 years, adding $515,644 to median unit value.

Bree Currall of Belle Property Kingston, who is selling Ms Morison's house, said the decision to sell long-held homes is often a difficult one.

"This is a big decision for Eleanor - it's one that I've been talking to her about for years, probably a good five years, before she actually pulled the trigger on the idea," she said.

Ms Morison said while she will be sad to leave her home, she believes staying would be "a waste of a valuable family home".

"It's going to be really hard to leave the place, I have to say, but downsizing is really important because I want to pass the baton on to the next lovely family," she said.

"It is a beautiful family home. It's a beautiful family area."

While Ms Morison's 31-year home ownership is a more exceptional case, Australians do tend to hold onto their homes for significant periods.

Across Australia, the median hold period for homes sold over the past 12 months was nine years.

Mr Lawless said the data highlights that "time in the market is more important than timing the market".

"The short-term trends may be the talk at a weekend barbecue and in the media, but Australians tend to hold their homes a lot longer than a typical market cycle," he said.

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In the peak of the recent property boom about 617,300 homes were sold over the year, representing only 6.3 per cent of Australian dwellings.

"While housing values move through cycles of growth as well as declines, the long-term trend is undeniably upwards," Mr Lawless said.

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