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Homeowners and real estate investors betting on GARRAN, 2605 can rest assured about this ACT suburb's performance. The suburb saw median home prices rise by 11.25%.
A steady increase in median property prices over a five-year period in the suburb translates to a 26.6% capital gain.
Property investors in GARRAN enjoyed capital gains of 11.25% over the last 12 months translating to lower returns compared with its peers in the territory.
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 $1,112,500.
Profits due to an upward trend in home prices there averaged 8.87% per annum over a 3-year period.
Home owners selling their properties and realtors in GARRAN usually have to wait an average of 64.5 days days before their assets are lifted off the market.
Average weekly rents on listings have reached the $700 mark, reflecting a 3.27% increase in returns based on the current median price in GARRAN.
GARRAN, 2605 places 25th in Australia based on median property value growth during the quarter.
Garran is a suburb in Canberra that covers parts of the Red Hill Nature Reserve, Davidson Hill and the Woden Valley. It belongs to the Woden district and was named after esteemed Australian lawyer and public servant Sir Robert Garran. Garran is an up-and-coming centre of education in Canberra.
Like its neighbouring suburbs, Garran has a hilly terrain, characterised by what appears to be dry and sometimes reddish land. This is due to volcanic deposits from the Canberra formation.
Demographic profile
According to census data, Garran has a mature population with a median age above 40. About 840 families currently reside in Garran, whose households mostly consist of 2.6 people. Married couples make up nearly 60 per cent of the population.
Garran features a diverse community that include people born in India, England, China, Philippines and New Zealand. The most common ancestries of its residents are English, Australian, Irish, Scottish and Indian.
Real estate overview
Majority of the dwelling structures in Garran are separate or detached properties, while the rest are row houses or townhomes and apartments. Most houses have a minimum of three bedrooms and majority are owned outright or with a mortgage.
Garran has a number of primary school and a medical centre. It has ease of access to shopping centres and lifestyle hubs in nearby suburbs.
| KEY PROPERTY DATA REPORT | HOUSE | UNIT |
|---|---|---|
| Median Price | $1,112,500 | $617,500 |
| GROWTH REPORT | ||
| Median Quarterly | 5.2% | -0.08% |
| Median 12 month | 11.25% | 3.26% |
| Median 3 years | 26.6% | 11.06% |
| Median 5 years | 17.11% | 3.56% |
| 10 years average annual | 3.23% | 1.58% |
| Weekly media advert. rent | $700 | $570 |
| Time on Market | 64.5 days | 75.2 days |
| Gross Rental Yield Percent | 3.27% | 4.8% |
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