Suburb Profile Report for Palmerston ACT (2913)

Palmerston House: Median price $670,000, Annual capital growth 4.57%, Number of sales 37, Weekly median advertised rent $520

Palmerston Unit: Median price $379,000, Annual capital growth 2.70%, Number of sales 51, Weekly median advertised rent $390

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: CoreLogic

  • House Report
  • Unit Report
  • Expert Report

Property value increases in Palmerston have tracked just lower than the ACT average of 5.75% over the last 12 months.

While Palmerston,2913 ranked number 26th in ACT for increase in median house value (annualised) increase, it is ranked 24th over the last 5 years.

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 Palmerston, 2913. Typically our figures indicate that -4.30% is being offered, which puts this ACT suburb at 3014th most discounted overall in Australia.

At number 689 in a list of fastest selling suburbs, Palmerston is in the TOP 20% of suburbs in Australia with an average of days on market 54.6 for properties listed there.

Renters in Suburb are facing rents around $6240 per annum or $520 every week.

Property investors who have had real estate in Palmerston, 2913 should be relatively unhappy with this ACT suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices increase in value by 0.66%

A -2.82% growth in median value for property investors in Palmerston,2913 puts this suburb at number 60th in terms of best performing suburbs in ACT

State is the 8th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -4.09% offered to property buyers. Sellers in Palmerston itself are offering an average vendor discount of -1.97% to real estate investors.

In the last year 51 properties changed hands in Palmerston, which puts it as the 21th most active market in ACT when comparing the number of sales per suburb.

Situated 9.19km from the CBD, Palmerston is one of Unincorporated ACT localities in the postcode 2913.

Information supplied by:


March 2017

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The townhouse market is looking quite strong, with a 2.5% increase in median price. This demand could be fuelled by the low prices, as affordability is a key factor for both investors and owner occupiers alike in the current market.Full summary

Median townhouse price: $369,000

Rental yield: 5.77%

The suburb of Palmerston was only the second Gungahlin suburb to undergo development. This area is mainly residential, with single homes and duplexes.

The townhouse market is looking quite strong, with a 2.5% increase in median price. This demand could be fuelled by the low prices, as affordability is a key factor for both investors and owner occupiers alike in the current market. However, it is the rental market that is shining – rents rose by a considerable 5%, and returns to investors are quite high at 5.8%.

Palmerston is well-stocked with amenities, including medical centres, shopping hubs and community centres. An oval has been established adjacent to Palmerston Primary School for sports and recreation, and there are several bicycle trails crossing the suburb. Palmerston’s streets are also festooned with fruit trees.

The suburb is linked to the Gungahlin Town Centre via bus. These routes also go to Belconnen. Canberra is a 20-minute drive along Barton Highway and Northbourne Avenue.
 

Close
Metrics i HOUSE UNIT
$670,000 $379,000
3.08% -2.19%
3.04% 0.66%
4.57% 2.70%
$520 $390
37 51
4.04% 5.35%
54.6 62.5

Source: CoreLogic

DSR Score for property investment : Excellent (U), Good (H)
Find a mortgage broker in Palmerston ACT
Demographics
Total population 5681
Median household income ($/weekly) 1923
Median age of persons 33
Median housing loan repayment ($/monthly) 2090
Average household size 2.8
  • Census Count Percent(%)
    5-14 years 766 13.5
    25-34 years 953 16.8
    35-44 years 936 16.5
    45-54 years 842 14.8
    55-64 years 552 9.7
    Others 1630 28.7
    Age Group
    Census Count Percent(%)
    Registered Married 2120 50.0
    Not Married 1702 40.1
    Defacto Relationship 418 9.9
    Social Marital Status
  • Census Count Percent(%)
    Australia 3764 68.3
    Croatia 216 3.9
    Indonesia 152 2.8
    United Kingdom 183 3.3
    Other 405 7.4
    Others 790 14.3
    Country of Birth
    Census Count Percent(%)
    Buddhism 339 6.4
    Christianity 3130 59.0
    Hinduism 167 3.2
    Islam 252 4.8
    No Religion 1353 25.5
    Others 60 1.1
    Religious Affiliation
  • Census Count Percent(%)
    $1,500-$1,999 283 15.5
    $2,000-$2,499 222 12.2
    $2,500-$2,999 228 12.5
    $3,000-$3,499 180 9.9
    $4,000 or more 160 8.8
    Others 751 41.2
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 2246 51.1
    Not in the labour force 982 22.4
    Employed, worked part-time 819 18.6
    Employed, away from work 221 5.0
    Unemployed, looking for work 124 2.8
    Person Characteristics
  • Census Count Percent(%)
    Managers 481 14.6
    Professionals 879 26.7
    Technicians & trades workers 400 12.2
    Community & personal service workers 318 9.7
    Clerical & administrative workers 646 19.6
    Others 565 17.2
    Occupation
    Census Count Percent(%)
    Pre-school 79 4.8
    Infants/Primary 514 31.0
    Secondary 432 26.1
    Technical or Further Educational Institution 191 11.5
    University or other Tertiary Institutions 382 23.1
    Others 58 3.5
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 3820 69.9
    Semi-detached, row or terrace house, townhouse 1632 29.9
    Flat, unit or apartment 10 0.2
    Caravan, cabin, houseboat 0 0.0
    Improvised home, tent, sleepers out 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Being purchased 832 42.1
    Rented 633 32.0
    Fully owned 507 25.6
    Other tenure type 5 0.3
    Tenure Type
Census 2011, ABS
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Recent sales & rentals