Canberra Now Boasts A 7-figure Median House Price
With double-digit growth and the steepest price acceleration in almost three decades, Canberra continues to dominate the...
Property investors enjoyed capital gains of 10.12% over the last 12 months in FARRER, translating to lower returns compared with its peers in ACT.
A survey of average capital gains or median home price increase in suburbs across the country shows that the ACT suburb obtained a 3.12% growth over a ten-year period. It ranks 2650th on our list of suburbs that property investors should look into.
FARRER, 2607 has a capital gain of 10.12% for the past year, which is higher than average compared to its 27.59% growth within a five-year period.
With the median home price in FARRER sitting at $925,000, and the average rent at $750, property owners could potentially earn a 4.22% increase in gross rental yield.
A 10.12% increase in median property prices in FARRER, 2607 has allowed this suburb to join the ranks of best performing suburbs in ACT, settling at number 46th.
Figures from the previous quarter show that capital gains for real estate buyers in FARRER are low, as opposed to average gains per annum over the past five years.
FARRER, 2607 in ACT belongs to the local government area of Unincorporated ACT.
Farrer is a suburb in the Woden Valley District of Canberra, Australian Capital Territory. It was named after William James Farrer, a plant breeder and a leading figure in Australia’s agricultural revolution during the early 20th century. The suburb has a rich agricultural legacy and is surrounded by bushlands and hills.
Things to do in Farrer
Farrer isn’t usually on the top of one’s mind when it comes to tourism destinations in Canberra, and locals won’t be surprised if it’s the first time that you’ve even heard of the suburb. Farrer doesn’t have the glamourous lifestyle centres of its peers, but it has quaint, charming shops and restaurants to make up for it that locals have grown to love.
Farrer also has nature by its side, boasting impressive views of Woden and Tuggeranong. Nature is literally at your doorstep in Farrer, with the Farrer Ridge’s kangaroos paying residents a visit from time to time due to the park’s close proximity to the community.
As for amenities, Farrer has a number of academic institutions to cater to residents, including the Farrer Memorial Agricultural High School and the Farrer Primary School. There are also high schools and colleges in the neighbouring suburb of Pearce.
Farrer has one shopping centre, Farrer Place, though shopping and lifestyle meccas in Mawson and Phillip are just a short drive away. New developments in Farrer include an aged care facility and an apartment complex.
Farrer is a high-demand market with visits per property just 50 points shy of the average visits per property for the entire Australian Capital Territory. The average house price in Farrer is an estimated AU$800,000, which reflects an over 20 per cent growth in the past five years.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||10.12%||N/A|
|Median 3 years||15.63%||N/A|
|Median 5 years||27.59%||N/A|
|10 years average annual||3.12%||N/A|
|Weekly media advert. rent||$750||N/A|
|Time on Market||72.4 days||N/A|
|Gross Rental Yield Percent||4.22%||N/A|