Property Market Update: Melbourne, December 2021
Melbourne capped off a bumpy 2021 with double-digit annual growth, triumphing over gloomy start-of-the-year forecasts. H...
Homeowners and real estate investors betting on WESTON, 2611 can rest assured about this ACT suburb's performance. The suburb saw median home prices rise by 22.67%.
A steady increase in median property prices over a five-year period in the suburb translates to a 32.85% capital gain.
Property investors in WESTON enjoyed capital gains of 22.67% over the last 12 months translating to lower returns compared with its peers in the territory.
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 $920,000.
Profits due to an upward trend in home prices there averaged 10.95% per annum over a 3-year period.
Home owners selling their properties and realtors in WESTON usually have to wait an average of 0.0 days days before their assets are lifted off the market.
Average weekly rents on listings have reached the $600 mark, reflecting a 3.39% increase in returns based on the current median price in WESTON.
WESTON, 2611 places 10th in Australia based on median property value growth during the quarter.
Weston is a suburb in the Weston Creek district of Canberra. It is bordered by Hindmarsh Drive, Tuggeranong Parkway, and Streeton Drive, and lies on the opposite side of the Oakey Hill Nature Reserve. Weston is the location of key facilities and the centre of most commercial activities in the district.
Amenities in Weston
Weston is the main retail destination of its residents and that of its neighbouring suburbs. Cooleman Court is located in Weston, and so are other shops and dining places catering to the needs of its 3,576-strong population. Weston Creek also houses a post office, property brokers, a gas station, and several more shops.
Weston has a number of churches, congregations, and temples for residents of different faiths. Notable academic institutions are located in Weston, such as the Orana School, the Canberra Institute of Technology, and Australian Defence College's Centre for Defence and Strategic Studies.
Real estate performance
Weston is consistently among the top performers in Canberra's property auction market with most of its listings being snapped up. It is also recognised regularly as one of the suburbs with noteworthy auction sales. The average house price in Weston has increased by 33.33 per cent in the past five years.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||22.67%||11.14%|
|Median 3 years||32.85%||44.25%|
|Median 5 years||44.2%||49.09%|
|10 years average annual||6.02%||5.3%|
|Weekly media advert. rent||$600||$500|
|Time on Market||0.0 days||0.0 days|
|Gross Rental Yield Percent||3.39%||4.25%|