Buyers in the driver's seat even as Canberra home values rise

Canberra house values rose 0.5 per cent for the month, with the median now at $965,378, the latest CoreLogic home value index found.

Unit values were up 0.3 per cent to a median of $590,425.

Across all dwelling types, Canberra home values rose 0.5 per cent to a median of $842,677.

It was a stronger period of growth compared to October, in which Canberra home values were unchanged, CoreLogic's adjusted metrics showed.

While Canberra property prices accelerated, Sydney's home value growth slowed to just 0.3 per cent for the month and Melbourne values fell by 0.1 per cent.

In the monthly report, CoreLogic research director Tim Lawless said multi-speed conditions were becoming increasingly evident across the capital cities.

While the heat was coming out of parts of the market, prices in Adelaide, Brisbane and Perth were accelerating.

Mr Lawless said a rise in seller activity was playing a key role in the housing value slowdown.

The level of advertised properties for sale was above the previous five-year average in Canberra throughout November, as well as in Hobart, Melbourne and Sydney.

"In these cities, market conditions are now in favour of buyers as higher stock levels provide more choice, less urgency and greater opportunities to negotiate," Mr Lawless said.

"The same can't be said for Perth, Brisbane and Adelaide, where advertised stock levels remain remarkably low."

Only two of the eight Canberra districts recorded property value growth over the past 12 months, the home value index showed.

Molonglo had the highest rate of home value growth at 5.5 per cent. The median property value in the district was $758,556.

Home values rose 0.4 per cent in North Canberra to a median of $800,193.

Over the past year, home values fell in all other districts. The biggest decline was in Woden Valley where home values were down 3.5 per cent, followed by Gungahlin where property values fell 3 per cent.

Canberra was one of two capital cities that recorded a decline in rents over the past 12 months, the index found.

House rents were down 2.6 per cent and unit rents were down 0.2 per cent.

The vacancy rate was 1.7 per cent in Canberra, which the report noted was relatively high compared to other capital cities.

The easing rental conditions could offer "some respite across both house and unit rents", the report stated.

Gross rental yields were still slightly higher than the national average at 3.9 per cent across Canberra.