Bruce, 2617 ranked 64th in ACT when comparing growth in median property values or capital gain over the last 12 months. Bruce is one of 126 in our list for ACT
Taking the average capital gain, or increase in median house value, Bruce,2617 has racked up an average of 0.08% over the period. This ranks it number 1094th in the whole country for real estate investors looking at median house price increases.
Advertised rents are around the $585 mark per week – giving a return of 3.36% based on the median price in Suburb
If you compare the increase in value of investment property in Bruce, 2617 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 -1.88%.
While Bruce,2617 ranked number 47th in ACT for increase in median house value (annualised) increase, it is ranked 13th over the last 5 years.
Property investors looking for a bargain in Bruce should be aiming for at least -4.59% off the asking price, which is the average vendor discount being achieved at the moment.
In the last year 120 properties changed hands in Bruce, which puts it as the 5th most active market in ACT when comparing the number of sales per suburb.
Advertised rents are around the $400 mark per week – giving a return of 4.99% based on the median price in Suburb
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.