Garran

POSTAL CODE: ACT, 2605

HOUSE

UNIT

A steady increase in median property prices over a five-year period in the suburb translates to a -13.24% 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 $1,350,000.

Profits due to an downward trend in home prices there averaged -4.41% per annum over a 3-year period.

Home owners selling their properties and realtors in GARRAN usually have to wait an average of 76.8 days days before their assets are lifted off the market.

Average weekly rents on listings have reached the $737.5 mark, reflecting a 2.84% increase in returns based on the current median price in GARRAN.

GARRAN, 2605 places 80th in Australia based on median property value growth during the quarter.

Property investors in GARRAN enjoyed capital gains of 2.05% over the last 12 months translating to lower returns compared with its peers in the territory.

Figures from the previous quarter show that capital gains for real estate buyers in GARRAN are low, as opposed to average gains per annum over the past five years.

GARRAN posted a 2.05% growth in median prices over a three-year period. This is considerably lower than the gains it recorded over the past year.

Real estate investors could earn a rental income of $730 based on current median home prices for the suburb.

Average weekly rents on listings have reached the $730 mark, reflecting a 5.1% increase in returns based on the current median price in GARRAN.

GARRAN, 2605 ranks 30th in ACT in terms of median property value increase and capital gains, based on year-to-date figures.

GARRAN ranks 19th on the list of best yielding suburbs for rental properties in ACT, posting a 5.1% return.

Surburb overview

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.

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Data report can be found below

Key Property Date Report	HOUSE	UNIT
Median Price	$1,350,000	$745,000
Growth Report
Median Quarterly	-1.82%	0.68%
Median 12 month	-8.47%	2.05%
Median 3 years	-13.24%	2.05%
Median 5 years	17.9%	18.25%
10 years average annual	3.85%	2.78%
Weekly media advert. rent	$738	$730
Time on Market	76.8 days	81.8 days
Gross Rental Yield Percent	2.84%	5.1%

Demographics (Median Values)*

Total Population 11725

Weekly Household Income 2273

Household Size 2.60

Average Age 43

Monthly Loan Repayment 2383

* Australian Bureau of Statistics (May 2021) 2016 Census DataPacks[https://datapacks.censusdata.abs.gov.au/datapacks/],ABS Website, accessed 2016.

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