Investment property in Bruce has done around average for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of -0.23%
Over the longer term, Bruce has seen property prices show investors a -3.64% return over the last 3 years. This is an improvement over the last 12 months
With a capital gain of -0.65% for the last 12 months, Bruce, 2617 has performed for property investments than its average annual 0.56% property growth over the last 5 years.
When looking at the potential capital gains offered to property investors over the last 3 years, Bruce comes in at number 47th in ACT.
LACK OF BUYER INTEREST may well be the reason that Bruce is offering property investors an average of -3.71. This rate of discount on properties puts Suburb at number 3rd in terms of most discounted suburbs in ACT
At number 789 in a list of fastest selling suburbs, Bruce is in the bottom 40% of suburbs in Australia with an average of days on market 82.4865 for properties listed there.
Property investors should expect to get $420 weekly from the median priced house in this suburb.
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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.
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.