Where house prices rose the most in Canberra in the last financial year

Canberra had the second-highest median house value at $986,414, an increase of 0.5 per cent in June.

Canberra unit values declined 0.03 per cent to a median value of $587,051.

Property values in the Weston Creek district grew the most over the 2023-24 financial year with a 5.24 per cent boost to home values. This was followed by Tuggeranong (3.79 per cent) and South Canberra (2.79 per cent).

The figures were published in the CoreLogic home value index.

Nationally, property values increased 0.7 per cent in June, bringing the annual growth to 8 per cent in 2023-24. This was equivalent of a $59,000 increase to the median home value, which sits at $794,000.

There has been a stark turnaround from the previous financial year when the national index was down 2 per cent. Home values took a dive in the nine months following May 2022 when interest rates started to rise.

Canberra property values have increased 32.2 per cent since the onset of the COVID pandemic in March 2020 but values are still down 5.4 per cent from the peak of May 2022.

CoreLogic research director Tim Lawless said the national property index had found a groove, rising between 0.5 to 0.8 per cent month on month since February.

"The persistent growth comes despite an array of downside risks including high rates, cost-of-living pressures, affordability challenges and tight credit policy," he said.

"The housing market resilience comes back to tight supply levels which are keeping upwards pressure on values."

Canberra rental yields across all dwellings were 3.9 per cent in June, slightly above the national average of 3.7 per cent.

Nationally, new property listings were tracking 12 per cent higher than a year ago, but most homes were being purchased as fast as they were being added to the market.

"The rise in new listings could be a signal that more homeowners are motivated or needing to sell," Mr Lawless said.

"It is clear that savings accrued through the pandemic are being drawn down for some households due to the combination of a high cost of living and elevated debt levels running up against interest rates that look set to remain higher for longer."