If you compare the increase in value of investment property in Torrens, 2607 to the rest of Australia, it performed somewhat poorly. The median increase in value, or capital gain property investors experienced for this ACT suburb was 0.00%.
A 18.06% growth in median value for property investors in Torrens,2607 puts this suburb at number 83th in terms of best performing suburbs in ACT
When looking to buy, or assessing what properties are really achieving at sale, it's essential for property investors to take into account what discounts are being offered in Torrens, 2607. Typically our figures indicate that -1.06% is being offered, which puts this ACT suburb at 3762th most discounted overall in Australia.
In the last year 31 properties changed hands in Torrens, which puts it as the 62th most active market in ACT when comparing the number of sales per suburb.
With the median price for a house in Torrens being $680000 and the advertised rent reaching $487.5 the gross rental yield for property investors calculates out to be 3.73%
Torrens is a well-established suburb sitting approximately 10km south-west of the CBD. With its close proximity to nearby town centre Woden, and being only 3km from Canberra hospital, it offers many of the basic fundamentals investors search for.Full summary
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Torrens is a well-established suburb sitting approximately 10km south-west of the CBD. With its close proximity to nearby town centre Woden, and being only 3km from Canberra hospital, it offers many of the basic fundamentals investors search for.
Rental yields may be a little flat, but the suburb offers a good selection of properties that are ripe for renovation.
Badenoch Real Estate principal Simon Badenoch explains that Torrens’ combination of high land values and properties that could do with a facelift offers some excellent add value opportunities.
“The margin between vacant land and land with an existing dwelling is very minimal. The average land price is around $400,000 and with properties selling between $470,000 and $480,000 there is scope for investors looking to increase their capital gains by renovating,” he says.
And Badenoch sees benefits for Canberra-based investors who may want to live in the property for the short term before renting it out. First homebuyers who want to make the most of their buyer’s grant before renting the property out, for example.
“Structurally, the properties are well built, so investors have the option of living in it for a couple of years before renovating and putting it on the rental market,” he says.
Amenity-wise, nearby Woden City offers a major shopping centre, and the town is currently undergoing a large transformation – including the development of a number of medium-density residential units.
SQM Research figures show residential vacancy rates rarely exceeded 1% in the past four years, and data from realestate.com.au suggests a healthy demand over supply, with approximately three people viewing every listed home.