Canberra house and unit prices both fell 2.5 per cent in the June quarter, recording their weakest quarterly result in more than three years as Australia’s housing boom came to an end.

Domain’s June Quarter House Price Report found Canberra house prices fell $26,610 to $1.038 million, marking the first quarterly decline in 15 months. Unit prices also fell 2.5 per cent, dropping $13,516 to $523,265, their weakest quarterly result in 15 months.

The report said Canberra joined Sydney and Melbourne in recording falling house prices, while Adelaide was the only capital where house price growth accelerated. Across the combined capital cities, house prices fell 1.4 per cent and unit prices 1.2 per cent, the first quarterly decline in more than three years.

Domain found higher interest rates, affordability pressures and weaker buyer confidence were cooling the market, with buyers becoming more cautious as listings increased and homes took longer to sell.

Chief of research and economics Nicola Powell said Canberra was among the cities now in decline, reflecting increasingly different housing market conditions across the country.

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