Summer Off To A Sizzling Start For Auctions
Last week’s all-time auction activity record may stick around, but it’s still set to be a massive weekend for auctio...
Property investments in RED HILL fare well against the rest of the country last year, registering a median home price increase of 11.56%.
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 RED HILL, 2603 saw average growth in the long term.
Real estate investors could earn a rental income of $900 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 123.0 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 $1,785,000.
RED HILL ranks 84th on the list of best yielding suburbs for rental properties in ACT, posting a 2.62% return.
Like its neighbouring suburbs, Red Hill is in a strategic location that one can use as a starting point for exploring the entire Australian capital of Canberra. As its name suggests, Red Hill was named after the colour of the soil found in the area. It is famous for its lookout, which offers an amazing panorama of Canberra.
Points of interests
Mobs of kangaroos are a common sighting in Red Hill, as well as several exotic avian species. It is also famous for its heritage houses and landmarks, which have been preserved through the government’s conservation efforts. Among these properties is the Calthorpes’ House, a 1927 home built in the California mission-style, which offers a glimpse of domestic life in Canberra in the early 20th century. The Royal Australian Institute of Architects headquarters and the prestigious Canberra Grammar School are also on the suburb’s heritage list.
Red Hill’s property market is heating up, due to a string of successful auctions in which multi-unit homes were sold for over $1 million. The windfall sales make Red Hill one of the most expensive auction sites across Canberra, which is already a high-demand location for buyers who want to enter Canberra’s real estate. Canberra in itself is a competitive auction market for properties, and realtors agree that it has the potential to eclipse Sydney and Melbourne in terms of clearance rates.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||11.56%||N/A|
|Median 3 years||21.64%||N/A|
|Median 5 years||42.23%||-46.94%|
|10 years average annual||6.38%||-12.67%|
|Weekly media advert. rent||$900||$430|
|Time on Market||123.0 days||0.0 days|
|Gross Rental Yield Percent||2.62%||4.37%|