House values in one Canberra suburb have soared 64 per cent in the past five years, new property data shows.
Despite relatively weak price performance over the past 12 months, the five-year change in home values paints a more positive picture for home owners.
The data shows ACT property values have increased by about 40 per cent in five years, with houses showing stronger growth (42 per cent) than units (31 per cent).
CoreLogic research director Tim Lawless said the five-year growth reflects the stronger market conditions during COVID-19, prior to the recent interest rate rises.
"On average, ACT dwelling values have been rising at the annual pace of 6.9 per cent over the past five years which places the nation's capital roughly in the middle of the pack for the pace of growth in values," he said.
Coombs in the Molongo region had the highest growth over the past five years, rising 64 per cent to a median of about $1.14 million.
Next was Fisher in Weston Creek, up 54 per cent to a median of about $882,000.
The large gains were no surprise to selling agent Sean Rogers of Blackshaw Weston Creek and Molonglo.
"Generally Weston Creek has had good growth over the last five years," he said.
"Within those five years, Canberra in general had a massive spike [in property prices] when interest rates were so low."
Families were seeing the appeal of Fisher, for its proximity to schools and employment, Mr Rogers said.
"Young families are definitely looking to either move here or upsize from something a bit smaller [and] are already in the area," he said.
Mr Rogers has two properties on the market in Fisher: a five-bedroom home on a quarter-acre block listed for more than $1,249,000 and a four-bedroom home on a smaller block with an auction guide starting at $900,000.
Bruce and Holt in the Belconnen region saw five-year house value growth of about 50 per cent, while Chapman in Weston Creek rounded out the top five with 49 per cent growth.
The weakest five-year growth for house values was recorded in Kaleen (28 per cent) and Downer (29 per cent).
As for units, which includes apartments and townhouses, Palmerston had the strongest growth, up 45 per cent over five years. The median unit value was $676,000 in April.
Lyneham and Watson unit values rose 44 per cent and 43 per cent respectively.
The weakest unit value growth was recorded in Macquarie and Mawson, where values rose just 15 per cent in five years.
Most owners hold onto their home for at least five years
Mr Lawless said the five-year growth figures provided a better view of market conditions, reading through the "ups and downs" of property cycles.
"While the short-term changes in housing values will always be of interest to home owners and prospective buyers, it is the longer-term trends that can be more meaningful given the relatively long periods between purchasing a home and selling it," he said.
Most home owners hold their property for at least five years, Mr Lawless said.
"In fact, based on ACT home sales over the past 12 months, homes were held for an average of 8.1 years," he said.
The hold period was longer for houses at 9.9 years and shorter for units, 6.8 years.
