Property investors who have had real estate in Bruce, 2617 should be unhappy with this ACT suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices decrease in value by -6.07%
Over the longer term, Bruce has seen property prices show investors a -4.66% return over the last 3 years. This is worse than over the last 12 months
Often selling an investment property can take time, and in Bruce the average time real estate has been on the market is 51.8462 days.
Bruce is 18th on a list of best yielding suburbs for rents in ACT with a 4.65% return
At number 923th in the list of Australian suburbs ordered by increase in median house value over the last year, Bruce, 2617 is in the BOTTOM 40% with a property value increase of -1.57% recorded in median house prices.
Comparing Bruce,2617 ‘s 5year and quarterly average capital gain offered to property investors, it performed better across the longer period
Our latest figures would indicate that property sellers in Bruce are currently offering property investors an average price cut of -3.66% below the asking price at the moment.
Advertised rents are around the $445 mark per week – giving a return of 6.15% based on the median price in 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.