Only 2.4 per cent of houses in Canberra are under $400,000: report

Canberra is the toughest capital in the country for people trying to buy under $400,000, with just 2.4 per cent of houses priced under the threshold.

The number has slumped from 9.6 per cent five years ago and means that a lower proportion of Canberra’s houses are priced at less than $400,000 compared to Sydney or Melbourne.

In Sydney, 2.5 per cent of houses sold for less than $400,000 in June 2018. In Melbourne that figure was 2.7 per cent. Other cities have a dramatically higher proportion of cheap homes – about a quarter of homes in Brisbane, Darwin and Perth sell for less than $400,000, 37 per cent in Adelaide and 44 per cent in Hobart.

The figures were revealed on Thursday in a new report by Core Logic for community housing peak body Power Housing.

Canberrans buying under $400,000 are effectively forced into units, with just over a third of Canberra’s units selling under that mark.

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Source: The Canberra Times