Property Market Update: Melbourne, December 2021
Melbourne capped off a bumpy 2021 with double-digit annual growth, triumphing over gloomy start-of-the-year forecasts. H...
Property investments in FORREST fare well against the rest of the country last year, registering a median home price increase of 19.26%.
Figures from the previous quarter show that capital gains for real estate buyers in the territory are low, as opposed to average gains per annum over the past five years.
Based on its average 5-year and quarterly capital gains FORREST, 2603 saw average growth in the long term.
Real estate investors could earn a rental income of $1000 based on current median home prices for the suburb.
It is expected, nonetheless, for properties to spend some time on the market prior to a successful sale. homes and units usually stay on listing for an average of 0.0 days.
Besides that, the Australian suburb also delivered a stronger performance in contrast to other Australian suburbs in terms of appreciation of property value.
Property investors perceived the median home price rise to $3,220,000.
FORREST ranks 92nd on the list of best yielding suburbs for rental properties in ACT, posting a 1.61% return.
Forrest is one of the most coveted postcodes in the Australian capital city of Canberra. The suburb got its name from Sir John Forrest, one of the founding fathers of the Australian constitution. Its northern edge is bordered by the State Circle, just across the Parliament House.
A stone’s throw away from the man-made Lake Burley Griffin, Forrest is home to the most exclusive neighbourhoods in the entire country. It is one of the most expensive places in Australia to live in, with a median home price that just reached the AU$2 million mark. This is due to the low stock of homes in Forrest and high demand pushing prices up.
Record-breaking sales of multi-unit homes are not unheard of in this prestigious suburb, though that doesn’t mean that all buyers are priced out. Houses for sale are typically bungalows in contemporary or Federation-style architecture — sometimes, even Mediterranean — with a nice front lawn or landscaped garden.
Apartments are considered by residents as an affordable alternative to homes, with a median price that doesn’t break the bank. Current developments in the suburb include multi-family real estate and mixed-use developments.
Forrest has a number of primary schools and childcare centres, hotels and public spaces. Nearby Manuka and Kingston offer a number of lifestyle choices for residents, including fine dining restaurants, cafés and retail shops.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||19.26%||26.32%|
|Median 3 years||21.46%||6.1%|
|Median 5 years||53.33%||3.08%|
|10 years average annual||6.4%||3.7%|
|Weekly media advert. rent||$1000||$600|
|Time on Market||0.0 days||80.0 days|
|Gross Rental Yield Percent||1.61%||4.66%|