Canberra overtook Sydney in property prices for the June quarter, according to new research released yesterday.
The capital's prices rose 1.1% over the quarter, with value at the highest level seen in 15 months.
The Australian Property Monitors’ June Quarterly House Price Report also found growth occurred in Darwin, Hobart and Perth, with higher prices recorded than in June 2011.
Melbourne and Adelaide recorded a fall, while Sydney's prices declined by 1%. Brisbane remains Australia's most affordable mainland capital, with prices falling for eight consecutive quarters.
Despite an overall flat result across Australia, these modest signs of growth are welcome news for Australian Property Monitors’ senior economist, Dr Andrew Wilson.
“This trend can be expected to continue in most capital city markets over the second half of 2012, underpinned by the prospects of an active spring selling season signalled by recent improvements in auction clearance rates and recent interest rate cuts,” he said.