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 -6.42%.
Bruce,2617 was ranked 813 in Australia by increase in median property value over the quarter.
On average over the past year, suburb has had 1.58 sales per month, which equates to 19 per year.
A $595 per week rent on the median house gives suburb investors a gross yield of circa 3.54%, without taking into account capital value appreciation, which has been averaging out at 5.95%.
At number 638th in the list of Australian suburbs ordered by increase in median house value over the last year, Bruce, 2617 is in the top 40% with a property value increase of 6.25% recorded in median house prices.
The five-year average increase in median property values for Bruce,2617 has given property investors a potential capital gain of 13.21% across each of those five years.
The most recent median price for Bruce is $425000, with sellers offering an average of -4.50% off the asking price.
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.