Suburb Profile Report for Banks ACT (2906)

Banks House: Median price $485,000, Annual capital growth 1.12%, Number of sales 66, Weekly median advertised rent $470

Banks Unit: Median price $427,500, Annual capital growth 2.48%, Number of sales 22, Weekly median advertised rent $433

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: Monthly data update for Nov 2019 as supplied by CoreLogic. Data is reported to the period ending Aug 2019. Please note that property sales data is routinely updated, so may change retrospectively.

  • House Report
  • Unit Report

Property investors who have had real estate in Banks, 2906 should be ok 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 -1.52%

Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Banks has increased when compared to the 5 year average annual rate.

State is the 8th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -4.26% offered to property buyers. Sellers in Banks itself are offering an average vendor discount of -2.84% to real estate investors.

Residents and property investors in Banks have been waiting around 52.9655 days to sell a property.

Property investors should expect to get $470 weekly from the median priced house in this suburb.

Over the last year, property investments in Banks, 2906 have given investors a capital gain of 1.79%. This compares averagely with the 0.65% for ACT as a whole.

While Banks,2906 ranked number 27th in ACT for increase in median house value (annualised) increase, it is ranked 49th over the last 5 years.

In the last year 22 properties changed hands in Banks, which puts it as the 34th most active market in ACT when comparing the number of sales per suburb.

Using the current median advertised rental of $432.5 and the average annual increase in value of a median property of 2.48%, investors should hope to achieve an overall return of 5.26%

Metrics i HOUSE UNIT
$485,000 $427,500
-1.22% 0.00%
-1.52% 1.79%
1.12% 2.48%
$470 $433
66 22
5.04% 5.26%
52.9655172413793 102.384615384615

Source: Monthly data update for Nov 2019 as supplied by CoreLogic. Data is reported to the period ending Aug 2019. Please note that property sales data is routinely updated, so may change retrospectively.

DSR Score for property investment : Very good (H), Above average (U)
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Demographics
Total population 5060
Median household income ($/weekly) 1964
Median age of persons 30
Median housing loan repayment ($/monthly) 2167
Average household size 2.9
  • Census Count Percent(%)
    0-4 years 487 9.6
    5-14 years 802 15.8
    25-34 years 840 16.6
    35-44 years 852 16.8
    45-54 years 734 14.5
    Others 1346 26.6
    Age Group
    Census Count Percent(%)
    Registered Married 1757 50.3
    Not Married 1293 37.0
    Defacto Relationship 443 12.7
    Social Marital Status
  • Census Count Percent(%)
    Australia 3901 81.8
    Papua New Guinea 46 1.0
    Philippines 53 1.1
    United Kingdom 231 4.8
    Other 205 4.3
    Others 335 7.0
    Country of Birth
    Census Count Percent(%)
    Buddhism 162 3.5
    Christianity 3099 67.5
    Hinduism 29 0.6
    Islam 98 2.1
    No Religion 1172 25.5
    Others 30 0.7
    Religious Affiliation
  • Census Count Percent(%)
    $1,000-$1,249 122 8.1
    $1,500-$1,999 267 17.7
    $2,000-$2,499 224 14.8
    $2,500-$2,999 201 13.3
    $3,000-$3,499 146 9.7
    Others 549 36.4
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 2004 56.2
    Not in the labour force 663 18.6
    Employed, worked part-time 633 17.8
    Employed, away from work 168 4.7
    Unemployed, looking for work 97 2.7
    Person Characteristics
  • Census Count Percent(%)
    Managers 370 13.2
    Professionals 531 18.9
    Technicians & trades workers 402 14.3
    Community & personal service workers 284 10.1
    Clerical & administrative workers 629 22.4
    Others 595 21.2
    Occupation
    Census Count Percent(%)
    Pre-school 103 7.7
    Infants/Primary 491 36.6
    Secondary 428 31.9
    Technical or Further Educational Institution 139 10.4
    University or other Tertiary Institutions 138 10.3
    Others 41 3.1
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 4244 89.3
    Semi-detached, row or terrace house, townhouse 510 10.7
    Flat, unit or apartment 0 0.0
    Caravan, cabin, houseboat 0 0.0
    Improvised home, tent, sleepers out 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Being purchased 1053 64.3
    Rented 318 19.4
    Fully owned 260 15.9
    Other tenure type 6 0.4
    Tenure Type
Census 2011, ABS
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