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Based on its average 5-year and quarterly capital gains, the suburb saw average growth in the long term.
The suburb also delivered a weaker performance in contrast to other Australian suburbs in terms of appreciation of property value. Investors saw the median home price rise to $675,000.
The upward trend in home prices in MELBA, 2615 averaged 7.58% per annum over a 3-year period.
Average weekly rents on listings have reached the $550 mark, reflecting a 4.24% increase in returns based on the current median price in MELBA.
An average of 5.17 real estate transactions take place per month in MELBA which translates to 62 per annum.
62 properties were sold in MELBA in 2016, making it the 22nd most active market in ACT based on total real estate transactions.
MELBA, 2615 places 12th in Australia based on median property value growth during the quarter.
Melba is a suburb in the district of Belconnen in Canberra, ACT. It is bounded by the arterial roads of Kingsford Smith Drive, Ginninderra Drive, Alpen Street, Copland Drive and the base of Mount Rogers. Surrounding suburbs include Evatt, Spence, Florey, Flynn and Charnwood. Its namesake was Australian opera singer Nellie Melba who became famous in the late 19th century. The suburb was gazetted in 1971, with a street name theme focusing on musicians.
Melba is located in a favourable distance from Belconnen hotspots and retail hubs. The suburb has its own set of basic shops and amenities, including a filling station, a convenience store and a variety of schools. Melba has access to sporting venues, as well as recreational facilities, salons, restaurants and lifestyle hubs inside and outside its jurisdiction.
Melba properties are in demand, with the average tours per property reaching 373, higher by nearly a hundred points than the state average. The median home price in Melba is $575,000, while the average unit price is $360,000. Rental properties have also realised a 5 per cent increase in the past 12 months. Listings are comprised of anything from old homes that are good candidates for renovation to housing-and-land packages in new estates.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||9.09%||4.04%|
|Median 3 years||22.73%||-8.27%|
|Median 5 years||33.4%||N/A|
|10 years average annual||3.53%||-2.31%|
|Weekly media advert. rent||$550||$407.5|
|Time on Market||63.5 days||0.0 days|
|Gross Rental Yield Percent||4.24%||4.84%|