Property value increases in Bruce have tracked higher than the ACT average of 4.46% over the last 12 months.
Bruce,2617 was ranked 3069 in Australia by increase in median property value over the quarter.
Often selling an investment property can take time, and in Bruce the average time real estate has been on the market is 49.07 days.
A $635 per week rent on the median house gives suburb investors a gross yield of circa 4.20%, without taking into account capital value appreciation, which has been averaging out at 3.26%.
Bruce has had a quite poor year for property investment returns compared to the rest of ACT, giving investors a capital gain of 0.00% to date .
When looking at the potential capital gains offered to property investors over the last 3 years, Bruce comes in at number 49th 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 -4.09% is being offered, which puts this ACT suburb at 867th most discounted overall in Australia.
Residents and property investors in Bruce have been waiting around 82.96 days to sell a property.
The ACT suburb of Bruce, 2617 is in the Unincorporated ACT local government area.
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
Information supplied by:
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.