Auction ban drives up withdrawal rates
The number of owners withdrawing their property from auction soared to 40 per cent last week, following the introduction of a ban on auction...
A steady increase in median property prices over a five-year period in the suburb translates to a 15.31% capital gain.
The suburb also delivered a stronger performance in contrast to other Australian suburbs in terms of appreciation of property value. Investors saw the median home price rise to $1,000,000.
Profits due to an upward trend in home prices there averaged 5.1% per annum over a 3-year period.
Home owners selling their properties and realtors in GARRAN usually have to wait an average of 77.9 days days before their assets are lifted off the market.
Average weekly rents on listings have reached the $635 mark, reflecting a 3.3% increase in returns based on the current median price in GARRAN.
GARRAN, 2605 places 72nd in Australia based on median property value growth during the quarter.
| KEY PROPERTY DATA REPORT | HOUSE | UNIT |
|---|---|---|
| Median Price | $1,000,000 | $596,500 |
| GROWTH REPORT | ||
| Median Quarterly | -3.15% | 0.25% |
| Median 12 month | -2.44% | 1.53% |
| Median 3 years | 15.31% | 7.48% |
| Median 5 years | 13.96% | 10.16% |
| 10 years average annual | 3.98% | 3.01% |
| Weekly media advert. rent | $635 | $550 |
| Time on Market | 77.9 days | 66.0 days |
| Gross Rental Yield Percent | 3.3% | 4.79% |
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