ACT Reports Progress Of ‘Better Suburbs’
The ACT government has delivered an update on its “Better Suburbs” plan, detailing the headway that has been made to...
A 46.02% increase in median property prices in BRUCE, 2617 has allowed this suburb to join the ranks of best performing suburbs in ACT, settling at number 1st.
A steady increase in median property prices over a five-year period in the suburb translates to a 21.99% capital gain.
It 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 $963,750
The augmented property values in the suburb are trailing above the territorial average of 17.12% in 2016.
On the other hand, based on current median home prices for the suburb, Real estate investors could earn a rental income of $622.5.
Home owners selling their properties and realtors in BRUCE usually have to wait an average of 0.0 days days before their assets are lifted off the market.
The ACT suburb ranks 68th on the list of best yielding suburbs for rental properties in ACT, posting a 3.36% return.
It also places places 8th in Australia based on median property value growth during the quarter.
Bruce is a suburb in the Belconnen district of Canberra, ACT. The suburb is bounded by the arterial roads of the Ginninderra Drive, Aikman Drive, Eastern Valley Way, and Belconnen Way. The suburb’s namesake is Stanley Melbourne Bruce, Australia’s prime minister in the early 1920s. Its streets were named after college and university professors in Australia.
Bruce is centrally located between cosmopolitan Belconnen and the sedate suburbs of the district. Residents are spoilt for choice in the suburb, with an overwhelming selection of lifestyle destinations, food haunts, entertainment facilities, academic institutions, and public facilities to choose from.
Recent land releases along Braybrook Street have boosted investor interest in the suburb, with land intended for mixed-use development. The construction of a new hotel and apartment block on one parcel of land along the street has already been announced and the industry is banking on the development to drum up more activity in the precinct.
Other developments are situated in Fern Hill, which was originally proposed as the site of the suburb’s next technological hub. A commercial centre containing offices is slated to be built along its Thynne Street precinct, as well as apartment complexes that offer residents value for money. Bruce is among the top-performing suburbs in Canberra in terms of property value increase by postcode, with the average price of houses for sale increasing by 39.85 per cent in the past five years.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||46.02%||-1.17%|
|Median 3 years||21.99%||-1.94%|
|Median 5 years||13.85%||-12.14%|
|10 years average annual||5.21%||-0.53%|
|Weekly media advert. rent||$622.5||$450|
|Time on Market||0.0 days||56.0 days|
|Gross Rental Yield Percent||3.36%||6.16%|