Bruce is in the bottom 10% in ACT when comparing median price capital growth over the last year. Bruce gave property investors a dismal capital gain figure when compared to the rest of the state, with -2.51%.
A 31.23% growth in median value for property investors in Bruce,2617 puts this suburb at number 64th in terms of best performing suburbs in ACT
LACK OF BUYER INTEREST may well be the reason that Bruce is offering property investors an average of -4.22. This rate of discount on properties puts Suburb at number 21th in terms of most discounted suburbs in ACT
Often selling an investment property can take time, and in Bruce the average time real estate has been on the market is 52.8 days.
Situated 5.18km from the CBD, Bruce is one of Unincorporated ACT localities in the postcode 2617.
Investment property in Bruce has done pretty poorly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of -3.53%
When looking at the potential capital gains offered to property investors over the last 3 years, Bruce comes in at number 55th in ACT.
The most recent median price for Bruce is $410000, with sellers offering an average of -4.25% off the asking price.
With the median price for a house in Bruce being $410000 and the advertised rent reaching $400 the gross rental yield for property investors calculates out to be 5.07%
Located within the popular Belconnen district northwest of Canberra, Bruce is a prominent suburb 9km from Canberra’s CBD, featuring family homes of different sizes and styles and pockets of high-density apartment blocks and townhouses.Full summary
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Located within the popular Belconnen district northwest of Canberra, Bruce is a prominent suburb 9km from Canberra’s CBD, featuring family homes of different sizes and styles and pockets of high-density apartment blocks and townhouses.Close
Enveloping a business hub dominatedby the University of Canberra, the Australian Institute of Sport and the Canberra Instituteof Technology, Bruce is home to thousands of students, ensuring ongoing rental demand.
And its recent price growth has seen developers scrambling to meet the needs of the influx of renters.
Real estate agent Peter Norton-Baker from Century 21 Capital in Forrest says that while Bruce’s growth over the past 12 months has been admirable, the new apartment developments haven’t had a positive impact, evidenced by a flatlined unit value in the past year.
This is despite the fact that the average age of Bruce’s residents is 26, and half its population attend one of Bruce’s many educational institutes.
“It’s firm for houses but not so good for apartments. There’s a glut of apartments,” confirms Norton-Baker.
That said, he believes the market will be strong in 2016. Bruce’s top-billing homes have a price tag of $1.5m, while at the entry-level end properties are priced from the low $300,000s.