Property to regain momentum following health crisis
Strong property price growth before the outbreak of COVID-19 gives investors a snapshot of what market conditions will be like once the pand...
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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 $770,000.
The upward trend in home prices in PEARCE, 2607 averaged 0.44% per annum over a 3-year period.
Average weekly rents on listings have reached the $580 mark, reflecting a 3.92% increase in returns based on the current median price in PEARCE.
An average of 2.67 real estate transactions take place per month in PEARCE which translates to 32 per annum.
32 properties were sold in PEARCE in 2016, making it the 62nd most active market in ACT based on total real estate transactions.
PEARCE, 2607 places 61st in Australia based on median property value growth during the quarter.
| KEY PROPERTY DATA REPORT | HOUSE | UNIT |
|---|---|---|
| Median Price | $770,000 | $532,500 |
| GROWTH REPORT | ||
| Median Quarterly | -0.48% | -2.29% |
| Median 12 month | -6.78% | 10.94% |
| Median 3 years | 1.32% | 8.67% |
| Median 5 years | 5.52% | 31.48% |
| 10 years average annual | 3.11% | 3.87% |
| Weekly media advert. rent | $580 | $430 |
| Time on Market | 89.1 days | 91.3 days |
| Gross Rental Yield Percent | 3.92% | 4.2% |
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