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Spence
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Spence

Spence - SUBURB PROFILE REPORT
POSTAL CODE: ACT, 2615

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Based on its average 5-year and quarterly capital gains SPENCE, 2615 saw average growth in the long term.

A survey of average capital gains or median home price increase in suburbs across the country shows that SPENCE, 2615 obtained a 3.19% growth over a ten-year period. It ranks 2614th on our list of suburbs that property investors should look into.

SPENCE, 2615 in ACT belongs to the local government area of Unincorporated ACT.

SPENCE, 2615 has a capital gain of -2.6% for the past year, which is lower than average compared to its 32.32% growth within a five-year period.

With the median home price in SPENCE sitting at $655,000, and the average rent at $495, property owners could potentially earn a 3.93% increase in gross rental yield.

Figures from the previous quarter show that capital gains for real estate buyers in SPENCE are low, as opposed to average gains per annum over the past five years.

A -2.6% increase in median property prices in SPENCE, 2615 has allowed this suburb to join the ranks of best performing suburbs in ACT, settling at number 86th.

Surburb overview

Spence is a suburb in the district of Belconnen in Canberra, ACT, that was gazetted in 1972. The suburb's namesake was William Guthrie Spence, a founding member of the Australian Workers' Union and the Australian Labor Party. The suburb's streets were named in honour of trade union advocates. Spence is bordered by the suburbs of Fraser, Flynn, Melba, and Evatt.

Residential investors place value on Spence for its accessibility and local amenities. The suburb has a daycare centre and several shops, including a grocery, chemist, and bakery. Recreational areas, playgrounds, and key facilities are all present in the suburb.

Demographic profile

Spence's population numbers 2,585, with a median age of 37 years. 712 families account for over a quarter of the population, a majority consists of older family units and followed by young families. Majority of the population are Australia-born, with a small number of residents hailing from England, Vietnam, New Zealand, Scotland, and Germany.

Property milieu

The median home price in the suburb reflected a sharp increase of 20.21 per cent, equating to $565,000. Demand is showing no signs of slowing down, with visits per property exceeding that of the average for the entire capital, based on the latest property data. Most of the properties on offer in Spence are a mix of three-bedroom apartment units, vacant parcels of land, old homes that are candidates for a makeover, and houses for resale.

Data report can be found below

Spence
KEY PROPERTY DATA REPORT HOUSE UNIT
Median Price $655,000 N/A
GROWTH REPORT
Median Quarterly 1.16% N/A
Median 12 month -2.6% N/A
Median 3 years 14.71% N/A
Median 5 years 32.32% N/A
10 years average annual 3.19% N/A
Weekly media advert. rent $495 N/A
Time on Market 0.0 days N/A
Gross Rental Yield Percent 3.93% N/A
demographics (median values)*
Total Population
44177
Weekly Household Income
1911
Household Size
2.70
Age
35
Monthly Loan Repayment
2000
* Australian Bureau of Statistics (May 2021) 2016 Census DataPacks[https://datapacks.censusdata.abs.gov.au/datapacks/],ABS Website, accessed 2016.
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