At number 2306th in the list of Australian suburbs ordered by increase in median house value over the last year, Bruce, 2617 is in the BOTTOM 50% with a property value increase of 4.55% recorded in median house prices.
Taking the average capital gain, or increase in median house value, Bruce,2617 has racked up an average of 4.55% over the period. This ranks it number 1913th in the whole country for real estate investors looking at median house price increases.
At number 16th of ACT’s most discounted properties, Bruce is in the bottom 30% of the state/territory when listing in order of most discounted to least.
In the last year 26 properties changed hands in Bruce, which puts it as the 73th most active market in ACT when comparing the number of sales per suburb.
Using the current median advertised rental of $610 and the average annual increase in value of a median property of 6.17%, investors should hope to achieve an overall return of 3.58%
ACT has seen average median house prices change by 3.57% which means that Bruce, 2617 has done well for property investors by showing a capital gain of -9.41% over the last year
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Bruce has fallen somewhat when compared to the 5 year average annual rate.
Bruce, 2617 is offering ACT ‘s 22th most discounted properties when looking at the average discount being offered by vendors. This puts it in the middle of discounts offered by this ACT.
At number 824 in a list of fastest selling suburbs, Bruce is just in the bottom half of suburbs in Australia with an average of days on market 81.31 for properties listed there.
Using the current median advertised rental of $400 and the average annual increase in value of a median property of 0.72%, investors should hope to achieve an overall return of 5.40%
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.