Canberra suburbs where property values have fallen below median below $1 million since rate rises

It comes as Canberra's median house value fell below $1 million in October.

Since the rate rises began in May, the median dwelling value - combining houses and units - has dropped below $1 million in eight Canberra suburbs.

Of the eight suburbs identified by property data firm CoreLogic, Fraser in Belconnen saw the biggest drop in home values.

Since April 2022 dwelling values in Fraser fell by 11.4 per cent, or $123,147 in dollar figures, to a median of $958,665 in October.

Weston and Denman Prospect saw home value medians decline by about 6.5 per cent, dropping to medians of $964,739 and $972,938 respectively.

Harrison and Watson also saw similar declines of around 6.2 per cent to median home values of $983,118 and $947,949 respectively.

Flynn and Gowrie saw median dwelling values drop to $966,685 and $959,105 respectively after 5.1 per cent declines between April and October.

Macquarie rounded out the eight suburbs with a 4.8 per cent drop in the median home value to $964,976.

Despite the downturn in property prices broadly across the ACT, there were still 34 suburbs with a median dwelling value of more than $1 million.

Based on current projections five of those suburbs - Cook, McKellar, Amaroo, Macarthur and Duffy - are forecast to fall below the $1 million home value median before the end of January, CoreLogic analysts say.

CoreLogic research director Tim Lawless said the number of suburbs in "the million-dollar club" may steady if the pace of decline continues to slow.

"It is likely values will continue to trend lower across each of the broad valuation cohorts of the market, but while the upper quartile of the housing market has led the downturn, it's also the sector of the market that is leading the easing in the pace of declines," he said.

"The trend over the past few months has been towards an easing in the rate of decline, especially in Sydney and Melbourne, so if that trend persists we may not see an acceleration in the number of suburbs where the median value drops below $1 million dollars."

There are plenty of options on the market for Canberra buyers looking to secure a home for less than $1 million.

A four-bedroom home in Flynn is on the market with a listing price of $900,000-plus.

The fully renovated property at 12 Rossell Place has two large living spaces, a two-way fireplace and a deck at the rear.

The battle-axe block spans 960 square metres and features landscaped gardens and new lawns.

A three-bedroom home for sale in Weston comes in well under the million-dollar mark with a listing price of $700,000-plus.

The property at 6 Conder Street, Weston features an updated kitchen that looks over a north-facing courtyard, plus a separate outdoor space at the front of the home.

A separately titled townhouse in Harrison is up for sale and the sellers are looking for offers above $820,000.

The three-bedroom home at 1 Kopi Lane, Harrison is split over two levels and includes an open-plan living layout, plus front and rear courtyards.

Sitting on a 927-square-metre block, 59 Bugden Avenue, Gowrie is on the market for $799,000-plus.

It features three bedrooms, a large living area with high ceilings and a covered patio.

We've made it a whole lot easier for you to have your say. Our new comment platform requires only one log-in to access articles and to join the discussion on The Canberra Times website. Find out how to register so you can enjoy civil, friendly and engaging discussions. See our moderation policy here.