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 investments in CHAPMAN fare well against the rest of the country last year, registering a median home price increase of 16.02%.
Figures from the previous quarter show that capital gains for real estate buyers in the territory are low, as opposed to average gains per annum over the past five years.
Based on its average 5-year and quarterly capital gains CHAPMAN, 2611 saw average growth in the long term.
Real estate investors could earn a rental income of $802.5 based on current median home prices for the suburb.
It is expected, nonetheless, for properties to spend some time on the market prior to a successful sale. homes and units usually stay on listing for an average of 55.9 days.
Besides that, the Australian suburb also delivered a stronger performance in contrast to other Australian suburbs in terms of appreciation of property value.
Property investors perceived the median home price rise to $1,050,000.
CHAPMAN ranks 41st on the list of best yielding suburbs for rental properties in ACT, posting a 3.97% return.
Chapman is a suburb belonging to the district of Weston Creek. Its namesake was Australian politician, Sir Austin Chapman.
Chapman has a middle-aged population with a median age of 45. Over 60 per cent of the residents are married, and majority were Australian-born. Other members of the community hail from England, Italy, New Zealand, India and South Africa. Each household is composed of 2.8 people on average.
Settling in Chapman
The median home price in Chapman is $810,000, though grander properties could fetch over $1 million. The most common dwelling structure in Chapman is three-bedroom, detached homes.
Nearly half of properties in the suburb are fully owned, while 40 per cent were acquired through a mortgage. An estimated 12 per cent of the homes are rented. The stock of rental properties in Chapman consists of semi-detached units whose rent range between $300 and nearly $500 and multi-unit homes whose rent reach an average of $600.
First-home buyers and property investors who want to take advantage of lower prices in Chapman and interest rates at historic lows can choose to finance their property purchase with a home loan. Realtors and brokers agree that current interest rates are favourable for home buyers; they also advise that anyone who’s renting should consider getting a home loan. Buyers could seek the assistance of a selection of mortgage service providers and banks in the suburb for their home loan application.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||16.02%||N/A|
|Median 3 years||25.6%||N/A|
|Median 5 years||30.03%||N/A|
|10 years average annual||3.45%||N/A|
|Weekly media advert. rent||$802.5||N/A|
|Time on Market||55.9 days||N/A|
|Gross Rental Yield Percent||3.97%||N/A|