ACT has seen average median house prices change by 5.75% which means that Torrens, 2607 has done well for property investors by showing a capital gain of 0.00% over the last year
While Torrens,2607 ranked number 76th in ACT for increase in median house value (annualised) increase, it is ranked 54th over the last 5 years.
Torrens, 2607 is offering ACT ‘s 63th most discounted properties when looking at the average discount being offered by vendors. This puts it in the bottom 10% of discounts offered by this ACT.
In the last year 31 properties changed hands in Torrens, which puts it as the 66th most active market in ACT when comparing the number of sales per suburb.
The ACT suburb of Torrens, 2607 is in the Unincorporated ACT local government area.
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.