Canberra's median house price of $1.04 million has been compared against major global cities in a new report, revealing how the capital stacks up on the international stage. The analysis, conducted by property data firm CoreLogic, places Canberra in the middle of the pack among expensive housing markets worldwide.
Global Price Comparison
The report examined median house prices in 50 cities across the globe, including Sydney, Melbourne, London, New York, and Hong Kong. Canberra's $1.04 million median was found to be higher than many European and Asian cities but lower than several US and Australian counterparts. Sydney topped the list with a median of $1.4 million, followed by Melbourne at $1.1 million.
Key Findings
- Canberra's median house price is lower than Sydney ($1.4M) and Melbourne ($1.1M) but higher than Brisbane ($850,000) and Perth ($650,000).
- Internationally, Canberra is cheaper than Hong Kong ($2.5M), London ($1.8M), and New York ($1.6M).
- Canberra is more expensive than Berlin ($600,000), Tokyo ($700,000), and Rome ($500,000).
Factors Behind Canberra's Prices
CoreLogic research director Tim Lawless attributed Canberra's high prices to strong demand from government employees, limited supply, and low interest rates. "Canberra has a stable economy driven by the public sector, which supports housing demand," he said. "Additionally, land release constraints have kept supply tight, pushing prices higher."
Affordability Concerns
The report also highlighted affordability challenges for first-home buyers. The median house price is now 8.5 times the median household income in Canberra, up from 6.2 times a decade ago. This has prompted calls for policy interventions to address housing affordability.
Despite the high prices, Canberra remains relatively affordable compared to other global capitals. "While $1.04 million seems high, it's important to consider the quality of life, income levels, and economic stability that Canberra offers," Lawless added.
The full report is available on CoreLogic's website, providing a detailed breakdown of each city's median prices and market trends.
