At number 3872th in the list of Australian suburbs ordered by increase in median house value over the last year, Bruce, 2617 is in the BOTTOM 10% with a property value increase of -9.71% recorded in median house prices.
When looking at the potential capital gains offered to property investors over the last 3 years, Bruce comes in at number 81th in ACT.
When looking to buy, or assessing what properties are really achieving at sale, it's essential for property investors to take into account what discounts are being offered in Bruce, 2617. Typically our figures indicate that -5.09% is being offered, which puts this ACT suburb at 2141th most discounted overall in Australia.
Often selling an investment property can take time, and in Bruce the average time real estate has been on the market is 51 days.
If you compare the increase in value of investment property in Bruce, 2617 to the rest of Australia, it performed poorly. The median increase in value, or capital gain property investors experienced for this ACT suburb was -13.73%.
Bruce,2617 has offered an average of -13.73% return per annum in house price rises to property investors over the last three years.
Property buyers and investors in Bruce 2617 should be seeing an average reduction in asking price of around -3.52% . This means that Bruce is holding prices well when compared to other suburbs in ACT.
Bruce is 12th on a list of best yielding suburbs for rents in ACT with a 5.50% return
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.