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Soaring Canberra real estate prices see more homes sell for above $1 million mark

Soaring Canberra real estate prices see more homes sell for above $1 million mark

If you think $1 million will buy a lot of house in Canberra, it might be time to think again - or at least lower your expectations.

While they used to be the domain of Canberra's rich and famous, million-dollar homes are now firmly in the sights of so-called "mum and dad investors", according to ACT real estate agents.

With the ACT's median house price hovering around $565,000, even more suburbs are cracking the million-dollar sales mark, including areas far beyond the leafy established suburbs of old Canberra.

According to data from real estate website Allhomes, 96 homes fetching more than $1 million have sold in the ACT in the last quarter, an 18.5 per cent rise on the same time last year.

The website said four Canberra suburb records had been broken in the same period, in Ainslie ($1.3 million), Aranda ($1.18 million), Mawson ($1.48 million) and Rivett ($885,000).

Read the full article at the ABC wesbite

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