Demand For Homes Stays High In 1 State While The Rest Fall Back
Rising interest rates have eased demand from potential buyers, which has been reflected in the slowing of home price gro...
FLYNN, 2615 delivered a stronger performance in contrast to other Australian suburbs in terms of appreciation of property value.
Average median house prices in ACT have risen as a whole, pulling FLYNN, 2615 values up and netting property investors a capital gain of 36.14% for the past year.
Investors saw the median home price rise to $886,250.
Profits due to an upward trend in home prices in the suburb averaged 14.7% per annum over a 3-year period.
FLYNN now ranks at the 35th place on a list of fastest growing suburbs in the territory.
Figures from the previous quarter show that capital gains for real estate buyers in FLYNN are low, as opposed to average gains per annum over the past five years.
Because of this real estate investors could earn a rental income of $650 based on current median home prices.
Regardless, it is expected for properties to spend some time on the market prior to a successful sale. In FLYNN, homes and units usually stay on listing for an average of 29.9 days.
In 2016, 63 properties were sold in FLYNN during the past year, making it the 25th most active market in ACT based on total real estate transactions.
Flynn is a suburb in the District of Belconnen in Canberra, Australian Capital Territory. Its namesake was John Flynn, the founder of the Australian Inland Mission Aerial Medical Service. Flynn lies at the base of Mount Rogers Reserve and is abutted by the suburbs of Fraser, Charnwood, Melba and Latham.
Flynn has a diverse mix of residents, majority of whom come from Australia. Other countries of birth include England, New Zealand, Germany, China and Italy. Its population numbers by 3,360 consisting of over a thousand families.
The latest property data reveals that the year 2010 was the suburb’s strongest year. It rode a downward trend from there and started to pick up in 2013, before reaching its tipping point last year. It remains to be known whether the market will outdo itself this year, but real estate authorities believe the suburb could sustain its momentum.
Flynn was named as one of the “rising markets” to watch in the Belconnen District, as demand for properties currently outstrips supply.
Separate homes in Flynn are no doubt the most popular dwelling structure, accounting for 98.1 per cent of properties. Semi-detached homes/townhouses and flats account for 1.7 per cent and less than 1 per cent of the property choice, respectively.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||36.14%||N/A|
|Median 3 years||44.11%||N/A|
|Median 5 years||64.12%||N/A|
|10 years average annual||6.59%||N/A|
|Weekly media advert. rent||$650||N/A|
|Time on Market||29.9 days||N/A|
|Gross Rental Yield Percent||3.81%||N/A|