Home buyers in Canberra have plenty of choice this winter in a twist for the typically quieter season, but experts say homes are still selling with new budget measures set to give first-home buyers an extra leg up.
Local real estate agents say Canberra’s property market is softer and more buyer-friendly than in recent years, with cautious buyers and higher stock levels.
However, they add that the market remains fundamentally stable and resilient heading into a potentially busy spring.
Canberra’s median home price increased 0.8% to $858,000 in June compared to a year ago, and was 11.7% higher than five years ago, according to the latest PropTrack Home Price Index.
Home prices have been softening across the country this year after three interest rate hikes from the Reserve Bank since February, cutting borrowing power and dampening market confidence.
At the same time, the number of homes for sale in the nation’s capital has increased, with 3.1% more new listings in May than a year ago, and the total number of homes for sale 10.4% higher than a year ago.
Home buyers in Canberra have plenty of choice this winter. Picture: iStock
Richard Davies, real estate agent and principal at Belle Property Canberra, said the winter conditions had been subdued this year, with buyers taking a more cautious approach.
“There are still deals being done and sales being made where pricing is accurate and in line with the market, but the premium that some buyers were willing to pay has gone out of the market,” Mr Davies said.
“There are really two types of buyers in the market right now. I’d say the bulk are quite cautious about moving forward and require the property to tick a lot of boxes, and then there are the buyers who are entering the market opportunistically.”
Fastest growing house prices in Canberra
| Suburb | Region | Median sale price | Annual median price change |
| Denman Prospect | ACT | $1,150,000 | 43.8% |
| Deakin | ACT | $2,277,500 | 34.0% |
| Banks | ACT | $900,000 | 20.0% |
| Lyneham | ACT | $1,275,000 | 19.2% |
| O'Connor | ACT | $1,700,000 | 16.4% |
| Gungahlin | ACT | $1,075,000 | 15.3% |
| Florey | ACT | $988,000 | 14.9% |
| Narrabundah | ACT | $1,415,500 | 14.6% |
| Whitlam | ACT | $1,317,500 | 11.7% |
| Red Hill | ACT | $2,317,500 | 11.6% |
While local real estate agents agree that buyers are being more selective, they are also seeing homes continue to sell, with some even seeing elevated transaction levels.
Andrew Chamberlain, real estate agent and managing director at Blackshaw Real Estate, said overall home sale activity had increased over the past year.
“The ACT is about 10% up on transactions for the first half of this year compared to the first half of last year,” Mr Chamberlain said.
Belle Property Canberra's Richard Davies says winter conditions have been subdued this year, with buyers taking a more cautious approach. Picture: Supplied
“What we’ve seen is an alignment of buyer and seller activity, and prices are generally stable. We’re not seeing the declines I’m hearing about in other states.”
The ACT budget has also helped stimulate buyer interest, particularly among first-home buyers after the territory government abolished stamp duty for first-home buyers regardless of property value and halved the betterment tax on redevelopment projects.
It’s the first jurisdiction in Australia to cut stamp duty entirely for all first-home buyers, removing one of the biggest upfront hurdles to home ownership.
Fastest growing unit prices in Canberra
| Suburb | Region | Median sale price | Annual median price change |
| Casey | ACT | $645,000 | 34.4% |
| Mawson | ACT | $760,000 | 33.3% |
| City | ACT | $554,000 | 14.2% |
| Dickson | ACT | $600,000 | 13.2% |
| Macquarie | ACT | $675,000 | 12.5% |
| Bonython | ACT | $750,000 | 12.4% |
| Barton | ACT | $670,000 | 10.7% |
| Lyons | ACT | $360,000 | 9.1% |
| Lawson | ACT | $660,000 | 8.9% |
| Denman Prospect | ACT | $582,500 | 8.2% |
Mr Chamberlain said the new stamp duty rules took effect from 1 July 2026, with some first-home buyers delaying purchases until after the new financial year to take advantage of the changes.
“We’ve actually had to push some auctions back into the new financial year for exactly that reason,” he said.
The softer market conditions are also appealing to some existing homeowners, who see the cooler climate as an opportunity to upsize or downsize.
Blackshaw Real Estate's Andrew Chamberlain says overall home sale activity has increased over the past year. Picture: Supplied
Bree Prince, real estate agent and auctioneer at Hive Property, said homeowners looking to make the move should get ready for spring.
"There are some very astute buyers in the market who can see the opportunity to upgrade or downsize,” she said.
“The gap between what their current home is worth and the property they’re moving into has narrowed compared with 12 to 24 months ago.
“Our message is: get yourself ready for spring. If you can be on the market, sold, and then in a position to upsize or downsize in spring, I think there will be some very good buying opportunities."
Looking ahead, agents expect real estate activity to pick up heading into the popular spring season, with more homeowners tipped to list their properties for sale once winter ends and gardens begin to recover from Canberra’s colder months.
Mr Davies said many sellers appeared to be holding off until later in the year, with listing numbers expected to rise from August onwards.
Hive Property's Bree Prince says homeowners looking to make the move should get ready for spring. Picture: Supplied
Ms Prince noted that higher levels of homes for sale could place further pressure on prices if existing listings failed to sell, although she said that would continue to create opportunities for prepared buyers.
Despite the softer conditions, agents say Canberra remained one of the country’s more stable housing markets due to its public sector workforce, steady employment and tight rental market.
“My view is modest growth and otherwise stable conditions,” Mr Chamberlain said.
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