Demand For Homes Stays High In 1 State While The Rest Fall Back
Rising interest rates have eased demand from potential buyers, which has been reflected in the slowing of home price gro...
Based on its average 5-year and quarterly capital gains, the suburb saw average growth in the long term.
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 $1,401,000.
The upward trend in home prices in PEARCE, 2607 averaged 23.97% per annum over a 3-year period.
Average weekly rents on listings have reached the $710 mark, reflecting a 2.64% increase in returns based on the current median price in PEARCE.
An average of 3 real estate transactions take place per month in PEARCE which translates to 36 per annum.
36 properties were sold in PEARCE in 2016, making it the 66th most active market in ACT based on total real estate transactions.
PEARCE, 2607 places 88th in Australia based on median property value growth during the quarter.
Pearce is a suburb bordered by the Mount Taylor Nature Reserve, and the suburbs of Chifley, Mawson, Torrens and Phillip. Its namesake is senator and minister Sir George Pearce, who was an important figure in the establishment of the Australian Labor Party.
Pearce has a mature population, with a median age of 42. Over half of the adult population are married. The average number of children per household is 1.8.
Schools are no problem for residents who have kids, as the suburb has good access to academic institutions within and outside its boundaries. Nearby schools include the Pearce Preschool, the Sacred Heart Primary School, a public secondary school, the Melrose High School, and an exclusive school for boys, the Marist College Canberra.
Property investment environment
Demand for properties is quite high in Pearce – there’s just a narrow gap between the total average real estate visits in the suburb and that for the entire state. Occupancy rate is high at over 90 per cent for private dwellings, which are mostly three-bedroom homes.
Townhomes, housing-and-land packages and vacant lots make up a great deal of the property listings. Detached houses for sale are typically three-bedroom properties, with huge front yards. While the average home price is no greater than $1 million, spacious and grander properties in favourable locations in the suburb could fetch higher prices.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||42.23%||-6.17%|
|Median 3 years||71.9%||28.32%|
|Median 5 years||81.95%||23.37%|
|10 years average annual||9.5%||4.81%|
|Weekly media advert. rent||$710||$510|
|Time on Market||0.0 days||30.9 days|
|Gross Rental Yield Percent||2.64%||4.26%|