Surging House Prices Leading To Longer Saving Times For FHBs
Strong buyer interest, spurred on by record-low interest rates as well as below average wage growth, means it is now pre...
The suburb’s capital gain of 17.68% for the past year is higher than average compared to its 24.32% growth within a five-year period.
This figures put the ATC suburb in the ranks of the best performing suburbs in Australia in terms of capital gains.
Also in TORRENS, the median home price is sitting at $915,000, and the average rent at $580, this suggests property owners could potentially earn a 3.3% increase in gross rental yield.
Property investors have seen a 7.49% gain in TORRENS based on an increase in median home prices for the past three months.
They believe that homeowners and real estate investors betting on TORRENS, 2607 can rest assured about this ACT suburb's performance. The suburb saw median home prices rise by 17.68%.
A survey of average capital gains or median home price increase in suburbs across the country shows that this suburb obtained a 4.98% growth over a ten-year period. It ranks 1792nd on our list of suburbs that property investors should look into.
Torrens lies on the foothills of the Mount Taylor Nature Reserve and is surrounded by the suburbs of Mawson and Farrer. Its namesake, Sir Robert Richard Torrens, was the third Premier of South Australia. The suburb features a retail hub, a primary school, and a community oval.
Torrens is a lovely neighbourhood that exudes a country vibe, thanks to Mount Taylor providing the suburb a beautiful backdrop. Among the suburbs offering access points to its hiking trails, only Torrens has the most expansive panoramic view of the mountain. This explains why bushwalking is a popular pastime in the suburb — who could resist the views from the lookout?
Purchasing a property in Torrens
Torrens is still among the most affordable suburbs in the Woden Valley district, for both property investors and first-home buyers. Buyers who would like to finance their purchase can easily apply for a home loan at banks in the suburb or they can also opt to enlist the help of a number of mortgage and finance advisers.
A huge chunk of dwelling spaces in Torrens are separate or detached homes, accounting for over 80 per cent of the residential structures. Townhouses share a narrow percentage of the dwelling spaces at an estimated 8 per cent, while apartment units or flats account for just 5 per cent. The majority of the private dwellings are three-bedroom homes.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||17.68%||N/A|
|Median 3 years||27.08%||N/A|
|Median 5 years||24.32%||N/A|
|10 years average annual||4.98%||N/A|
|Weekly media advert. rent||$580||N/A|
|Time on Market||58.8 days||N/A|
|Gross Rental Yield Percent||3.3%||N/A|