Market shift: Open homes quiet as motivated buyers turn to private negotiations in Canberra

Canberra property growth plateaued in April as motivated buyers moved away from “window shopping” at open homes to negotiate deals in private.

New Cotality data, released on Friday, shows Canberra house values dipped by 0.1% in April and units grew marginally by 0.1% – levelling the ledger with zero growth overall in the national capital.

The Cotality Home Value Index showed houses have experienced more pronounced price growth than apartments and units in the past year, surging by 7.0% compared to 0.9%.

The median dwelling value in the ACT is now $898,242. Houses are sitting at $1.049 million and apartments and units at $593,303.

Windrose Property Principal and Sales Agent Sam McGregor said despite growth easing, genuine, motivated buyers were still in the market and eager to purchase.

“There are definitely deals to be done out there,” Sam said. “But nothing is happening at open homes. Numbers of attendees at open homes are significantly lower than they have been for a very long time, but I’m conducting more private inspections for people.

“That’s a real on-the-ground metric for me. People aren’t out window shopping. They’re not browsing at 15 different houses and working out whether there’s one that they like. They just see what they like, they go and look at it, and they want to buy it.

“Overall, I think we’re still doing the same number of deals. Houses are still transacting well, but it’s all happening in a very different way. The mindset for people is: ‘I know what I want and I’m going to go out and buy it’, rather than: ‘Maybe I’ll go out and have a look at houses this weekend’.”

Sam said despite global insecurity, the conflict in the Middle East and cost-of-living pressures, there was still genuine interest in property.

“The funniness in the market, driven by whatever is going on in the world economic climate, has shaken up people who were questionable about making a decision, but it’s also firmed up people who want to buy a house in 2026 – they’re going hard to do it now,” he said.

“I think we’ll continue to see that happen…A lot of people are making the intelligent decision that it’s a good time to buy a house, disregarding the global climate and focusing inward because it’s the right decision for you.

“That position is reflected in the data of zero growth because there’s not a tug between what the market is doing. The people who are transacting now are doing it because it’s the right time for them to do it.”

Nationally, Cotality’s index rose 0.3% in April, the slowest pace of growth since January 2025, just ahead of last year’s rate-cutting cycle. Every capital city recorded a slower pace of growth in April, but conditions remain highly diverse.

Cotality Research Director Tim Lawless said the easing in market conditions had been building since late last year. Softer housing conditions have been accompanied by a slowdown in buyer demand and concentrated growth around lower priced segments due to caution around interest rates and Home Guarantee Scheme price thresholds.

“The housing market was losing momentum from late last year as affordability and serviceability constraints weighed on demand,” Tim said. “Now we have the additional downside pressure of higher interest rates, sentiment has fallen off a cliff, and rising inflation is set to drive the cost of debt even higher.”