Why commercial is the new residential
Gone are the golden days where you could purchase residential properties with yields of 6, 7 or 8 per cent or build a self-sustaining prope...
A 6.08% increase in median property prices in HUGHES, 2605 has allowed this suburb to join the ranks of best performing suburbs in ACT, settling at number 51st.
A steady increase in median property prices over a five-year period in the suburb translates to a 11.57% capital gain.
It 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 $1,002,500
The augmented property values in the suburb are trailing above the territorial average of 5.84% in 2016.
On the other hand, based on current median home prices for the suburb, Real estate investors could earn a rental income of $650.
Home owners selling their properties and realtors in HUGHES usually have to wait an average of 53.1 days days before their assets are lifted off the market.
The ACT suburb ranks 56th on the list of best yielding suburbs for rental properties in ACT, posting a 3.37% return.
It also places places 23rd in Australia based on median property value growth during the quarter.
Hughes is a suburb belonging to the District of Woden, in the capital city of Canberra in the Australian Capital Territory. It links the suburbs of Deakin, Phillip, Garran and Curtin.
Demographics profile
Based on census data, Hughes has a close to middle-age population, with a median age of 44. Nearly half of the population is married in Hughes, with an average people per household of 2.5. The female population numbers more than males by a small difference.
As for country of birth, nearly 70 per cent of the suburb’s residents were Australian-born. Other countries of origin include England, New Zealand, India, the United States of America and mainland China. The most common languages spoken at home are English, French, Malayalam, Mandarin, Italian and Vietnamese.
Real estate environment
The streetscape in Hughes is leafy, with walking tracks and houses featuring decent-sized front lawns. The housing stock consists of a mix of terraced homes, brick apartments and bungalows, and, at times, luxurious mansions.
Occupancy rates in owned properties are high in Hughes, with just a tiny percentage of the properties unoccupied. A great number of these properties are homes with three bedrooms on average.
Houses for sale in Hughes oscillate between old bungalows that are perfect candidates for renovations as well as mansions. Units and land releases are also a common feature of listings.
| KEY PROPERTY DATA REPORT | HOUSE | UNIT |
|---|---|---|
| Median Price | $1,002,500 | N/A |
| GROWTH REPORT | ||
| Median Quarterly | 5.53% | N/A |
| Median 12 month | 6.08% | N/A |
| Median 3 years | 11.57% | N/A |
| Median 5 years | 14.57% | N/A |
| 10 years average annual | 3.95% | N/A |
| Weekly media advert. rent | $650 | N/A |
| Time on Market | 53.1 days | N/A |
| Gross Rental Yield Percent | 3.37% | N/A |
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