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 -9.47%.
If we look at median property appreciation over just the last three months, Bruce has given property investors a paper return of -0.27%. This puts Suburb as 54 on a list of fastest fasting appreciating suburbs in ACT
On average over the past year, suburb has had 1.42 sales per month, which equates to 17 per year.
With the median price for a house in Bruce being $846500 and the advertised rent reaching $575 the gross rental yield for property investors calculates out to be 3.53%
Over the last year, property investments in Bruce, 2617 have given investors a capital gain of 1.67%. This compares averagely with the -1.01% for ACT as a whole.
Over the longer term, Bruce has seen property prices show investors a 1.20% return over the last 3 years. This is an improvement over the last 12 months
State is the 8th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -4.11% offered to property buyers. Sellers in Bruce itself are offering an average vendor discount of -4.78% to real estate investors.
Renters in Suburb are facing rents around $4680 per annum or $390 every week.
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.