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The boom that pushed many house prices above $1 million has petered out amid rising interest rates, new data suggests.
- ACT house prices fell 8.8 per cent over the past year
- The biggest falls were in Garran (16.2 per cent) and, across the border, in Jerrabomberra (16.3 per cent)
- The latest data suggests the market may be recovering
However, almost half of Canberra's suburbs still have a seven-figure median house price.
The latest CoreLogic data show the ACT remains Australia's second-most-expensive capital city for property, after Sydney.
The ACT's median dwelling value fell 8.8 per cent in the year to the start of June, compared with a 6.8 per cent drop nationally.
The sharpest decline was in the high-end suburb of Garran, whose median house price fell 16.2 per cent to $1,495,629.
Across the border, Jerrabomberra house prices fell 16.3 per cent to $1,062,787.
Fifteen Canberra suburbs, as well as Googong across the border, fell out of the $1 million zone — their median houses prices are now six figures.
CoreLogic noted the cumulative effect of 12 interest-rate increases, saying "membership of the $1 million club has become more exclusive".
"Many of last year's new entrants [are] now falling below the $1 million mark," it said.
However, there are signs the property slump may have bottomed out.
Dwelling prices in Canberra actually rose 0.4 per cent last month, and fell just 0.1 per cent over the past quarter.
Despite this, CoreLogic economist Katylin Ezzy suggested the Reserve Bank's latest increase to the cash rate would delay a price rebound.
"Historically, increases in the cash rate have put downward pressure on market values, and many economists and banks have lifted their forecast for where rates might peak following June's increase," she said.
CoreLogic data shows rental prices fell in most areas of Canberra over the past year.
However, rents for units in the inner north and Gungahlin rose slightly.