The regions of Molonglo, North Canberra, Gungahlin and Tuggeranong are leading local real estate, with property growth outstripping greater Canberra.

CoreLogic data shows the Molonglo Valley recorded the greatest growth across all dwellings in the 12 months to January, with a 5.4% boost to property values to a median of $749,731.

Molonglo’s growth was more than four times than Canberra’s annual increase of 1.2%

The North Canberra region netted the second highest growth rate at 2.3%, while Gungahlin saw a 1.6% increase and Tuggeranong at 1.3%.

Weston Creek, Woden Valley, South Canberra the Belconnen region each sustained positive growth of less than 1%.

MARQ Property Licensed Agent Sam Taylor said the higher growth rates were encouraging after a lacklustre year for Canberra property.

“My strong opinion is that prices will rise further this year on the back of a hold on interest rate rises and greater confidence in the market,” Sam said.

He said it was no surprise that Molonglo was drawing strong interest amongst buyers with its good proximity, new suburbs and range of housing options from high-end homes to townhouses and apartments.

“Molonglo is a great option for all sorts of buyers. There are townhouses, houses and apartments, there’s good infrastructure, and it’s just 15 minutes from anywhere in Canberra.

“There’s a good mix of units, townhouses and houses so it suits a wide range of buyers. You can find a one bedroom apartment from $300,000, up to a beautiful house at $2.5 million.”

Sam said Molonglo’s growth had been supported by its solid infrastructure, including the new Evelyn Scott school senior campus in Denman Prospect, Stromlo Leisure Centre, Denman Village Shops and the soon-to-be-completed Woolworths at Koko Molonglo, Wright.

“The Molonglo Valley is a good alternative if you are spending that $1.5 million to $2.5 million. A lot of the buyers there are coming out of the inner south and Woden for a newer house.

“The attractiveness of a property that is only a few years old, with strong amenities, and being 15 minutes form anywhere is a big drawcard.”

Sam said North Canberra had long been a popular region amongst buyers, which supported strong property growth.

“North Canberra is always going to be a desirable place to live because it’s as close as you can get to the CBD,” he said.

“One of the biggest factors for North Canberra at the moment is the booming amount of urban redevelopment.

“Now there are more housing options – more apartments hitting the market, more townhouse complexes. There’s a move towards higher density, so there’s more people, which is intrinsically making the land content more valuable.

“There are a lot of newer duplexes and newer townhouse complexes. Bigger blocks of land are being chopped up and transformed into newer, more exciting and more liveable types of properties.”

The fast-growing Gungahlin district has also proven itself as a lucrative property hotspot.

“In Gungahlin you get a good mix of housing – 20 year old houses on big blocks, new builds and plenty of apartments and townhouses, and they are newer homes. People also like the good spread of infrastructure.

“You’ve not only got the Gungahlin town centre, which is the hub, but almost each higher density suburb has a town centre, with a small grocer, a café, a bakery – and there’s a good mix of public and private schools there, which are really accessible.

“It’s also very family orientated, but the development of the light rail up Flemington Road taking you all the way into Gungahlin is encouraging a younger demographic and young professionals into the area.”

Canberra region-by-region growth rates for the past 12 months to January 2024

Median value and annual change

  1. Molonglo: $749,731 5.4%
  2. North Canberra: $793,810 2.3%
  3. Gungahlin: $893,468 1.6%
  4. Tuggeranong: $818,057 1.3%
  5. Weston Creek: $918,105 0.9%
  6. Woden Valley: $1,084,763 0.5%
  7. South Canberra: $920,978 0.4%
  8. Belconnen: $801,433 0.4%

Source: CoreLogic Hedonic Home Value Index, February 2024

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