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Strong price growth for Canberra property market

Residential property prices in Canberra grew by six per cent in the 12 months ending June 2016. 

This is according to the latest figures from the Australian Bureau of Statistics (ABS), which specified that this performance is second only to Melbourne. That city had the strongest annual growth of the period at 8.2 per cent.

The Residential Property Price Indexes: Eight Capital Cities data was published by ABS today (September 20th) and it also showed the nation's capital had recorded a 2.2 per cent increase over the three months to June.

Canberra is now above the national average of two per cent, but behind Sydney and Melbourne's quarterly growth of 2.8 and 2.7 per cent respectively. 

This represents a return to growth after a fall in the March quarter of 0.4 per cent - although it is slightly behind the December quarter rise of 2.8 per cent.

Andrew Wilson, chief economist of the Domain Group, said some capitals are playing catch up with other cities, so the positive results are not necessarily surprising. 

"It's a rebound in growth after falling in the March quarter," he remarked. 

Sydney property prices rose by 3.2 per cent in the June quarter, with attached dwellings increasing by two per cent - and this comes in the wake of six consecutive months of decline. Residential property prices fell in Perth and Darwin - but prices rose in all other capital cities. 

"Canberra has been a top performer in both the annual and quarterly results," Mr Wilson said. "There's no doubt that Canberra has stepped up a gear or maybe two gears after the last quarter."

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