Bruce

house

unit

SHARE

Share this article on:

×

Facebook Twitter LinkedIn Copy link

A 19.25% 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 11th.

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 $870,500

The augmented property values in the suburb are trailing above the territorial average of 8.34% in 2016.

On the other hand, based on current median home prices for the suburb, Real estate investors could earn a rental income of $645.

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 50th on the list of best yielding suburbs for rental properties in ACT, posting a 3.85% return.

It also places places 11th in Australia based on median property value growth during the quarter.

Property investors enjoyed capital gains of 5.71% over the last 12 months in BRUCE, translating to lower returns compared with its peers in ACT.

A survey of average capital gains or median home price increase in suburbs across the country shows that BRUCE, 2617 obtained a -0.04% decrease over a ten-year period. It ranks 1241st on our list of suburbs that property investors should look into.

BRUCE, 2617 has a capital gain of 5.71% for the past year, which is higher than average compared to its -10.17% growth within a five-year period.

With the median home price in BRUCE sitting at $388,500, and the average rent at $440, property owners could potentially earn a 5.89% increase in gross rental yield.

A 5.71% 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 20th.

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

BRUCE, 2617 in ACT belongs to the local government area of Unincorporated ACT.

Surburb overview

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.

Suburb growth

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.