Property value increases in Bruce have tracked higher than the ACT average of 4.68% over the last 12 months.
Across a shorter period, Bruce, 2617 has seen a median price increase of 0.35% over the last quarter.
Property investors looking for a bargain in Bruce should be aiming for at least -0.83% off the asking price, which is the average vendor discount being achieved at the moment.
ACT has seen average median house prices change by 2.96% which means that Bruce, 2617 has done well for property investors by showing a capital gain of 2.23% over the last year
Comparing Bruce,2617 ‘s 5year and quarterly average capital gain offered to property investors, it performed better across the longer period
The most recent median price for Bruce is $390500, with sellers offering an average of -3.41% off the asking price.
Situated 5.01km from the CBD, Bruce is one of Unincorporated ACT localities in the postcode 2617.
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.