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Property investors have seen a 1.1% gain in PHILLIP based on an increase in median home prices for the past three months.
Based on its average 5-year and quarterly capital gains PHILLIP, 2606 saw average growth in the long term.
The ACT suburb also delivered a weaker performance in contrast to other Australian suburbs in terms of appreciation of property value.Investors saw the median home price rise to $505,500
Profits averaged 16.39% per annum over a 3-year period, due to an upward trend in home prices in PHILLIP, 2606.
The gross rental yield in PHILLIP, 2606 is 0%.
An average of 1 real estate transactions take place per month in PHILLIP which translates to 12 per annum.
Phillip is a suburb at the heart of the Woden Valley district in Canberra. It was named after Arthur Phillip, the founder of Sydney and the first governor of NSW. Established in 1966, Phillip is a young suburb that contains the commercial district of Woden Valley.
Suburb profile
As the centre of economic activities in Woden, Phillip is constantly abuzz with tourists and locals. It houses the revitalised Woden Town Centre, the tallest building in Canberra, the Lovett Tower, retail and lifestyle destinations such as the Westfield Woden, transport hubs, recreational spaces such as the 14-hectare Eddison Park, the Woden Cemetery and sports facilities.
The ACT government is banking on an inflow of investments in Phillip due to the redevelopment of the Woden Town Centre. Its vision is to transform Phillip as one of the best areas to live in in the district.
Demographics
Phillip ranks fourth among Canberra suburbs for most number of migrants per capital city. Migrants account for 42.8 per cent of the suburb’s population, based on data from the Australian Bureau of Statistics.
The suburb’s population is young, with a median age of 32. Close to half of the population are married. Residents are largely Australian-born, while the rest are from India, Philippines, England, China, Malaysia, Zimbabwe and Korea.
| KEY PROPERTY DATA REPORT | HOUSE | UNIT |
|---|---|---|
| Median Price | $505,500 | $375,000 |
| GROWTH REPORT | ||
| Median Quarterly | 1.1% | 5.34% |
| Median 12 month | N/A | 2.74% |
| Median 3 years | 49.16% | 4.75% |
| Median 5 years | N/A | 11.61% |
| 10 years average annual | 10.53% | 0.36% |
| Weekly media advert. rent | N/A | $480 |
| Time on Market | 0.0 days | 70.8 days |
| Gross Rental Yield Percent | N/A | 6.66% |
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