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 -7.74%.
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Bruce has increased when compared to the 5 year average annual rate.
The ACT suburb of Bruce, 2617 is in the Unincorporated ACT local government area.
Investment property in Bruce has done pretty poorly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of -6.58%
Bruce,2617 was ranked 1194 in Australia by increase in median property value over the quarter.
The most recent median price for Bruce is $355000, with sellers offering an average of -4.63% off the asking price.
Bruce is 7th on a list of best yielding suburbs for rents in ACT with a 6.45% return
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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.