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...
Property investors enjoyed capital gains of 13.65% over the last 12 months in WEETANGERA, translating to lower returns compared with its peers in ACT.
Figures from the previous quarter show that capital gains for real estate buyers in WEETANGERA are low, as opposed to average gains per annum over the past five years.
The suburb posted a 42.2% growth in median prices over a three-year period. This is considerably higher than the gains it recorded over the past year.
This number can mean, real estate investors could earn a rental income of $750 based on current median home prices for the suburb.
On average, rents on listings have reached the $750 mark, reflecting a 3.34% increase in returns based on the current median price in WEETANGERA.
WEETANGERA, 2614 ranks 78th in ACT in terms of median property value increase and capital gains, based on year-to-date figures.
While it ranks 65th on the list of best yielding suburbs for rental properties in ACT, posting a 3.34% return.
Weetangera is a suburb in the Belconnen district of Canberra, ACT. Gazetted in 1968, the suburb's moniker remained the same as it was since its early days, even prior to the founding of the state.
Weetangera's street name theme are ACT pioneers, which explains why the suburb's names were taken after early settlers who have helped shaped the community. Among these settlers were John Gillespie, owner of Horse Park Station; Robert Charles Coulter, the namesake of Coulter Drive, who was an esteemed architect and landscape painter; and John Darmody, a well-respected member of the community employed at the Duntroon Station.
The story of Weetangera is much like that of its parent district, marked by a period of brief stagnation, until the First World War brought in a new wave of settlers. New residents started small farms and cultivated a range of vegetables on their rural properties. From then on, basic amenities were established, including a post office, and surrounding suburbs were inhabited. Development continued in Weetangera and neighbouring suburbs, until it was finally proclaimed one in the late 1960s.
Weetangera’s first residents arrived in the 1970s, and this was followed by the reopening of the Weetangera Primary School, which was originally founded a century before. Reservoirs were built in 1975 at The Pinnacle and Spence.
Weetangera today is far from its rural past and is now a thriving suburb characterised by homes on large blocks. The suburb is also replete with amenities that include a shopping centre that houses several shops and a neighbourhood oval.
The suburb also boasts a lively real estate environment that is recognised for its record sales. The average house price in Weetangera is $855,000, though recent auction prices reveal that some properties have netted over a million dollars.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||13.65%||N/A|
|Median 3 years||42.2%||N/A|
|Median 5 years||43.42%||N/A|
|10 years average annual||5.28%||N/A|
|Weekly media advert. rent||$750||N/A|
|Time on Market||0.0 days||0.0 days|
|Gross Rental Yield Percent||3.34%||N/A|