Melbourne Sees Record-breaking Growth Despite Q3 Lockdowns
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Homeowners and real estate investors betting on EVATT, 2617 can rest assured about this ACT suburb's performance. The suburb saw median home prices rise by 23.67%.
A steady increase in median property prices over a five-year period in the suburb translates to a 32.91% capital gain.
Property investors in EVATT enjoyed capital gains of 23.67% over the last 12 months translating to lower returns compared with its peers in the territory.
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 $764,250.
Profits due to an upward trend in home prices there averaged 10.97% per annum over a 3-year period.
Home owners selling their properties and realtors in EVATT usually have to wait an average of 45.6 days days before their assets are lifted off the market.
Average weekly rents on listings have reached the $580 mark, reflecting a 3.95% increase in returns based on the current median price in EVATT.
EVATT, 2617 places 65th in Australia based on median property value growth during the quarter.
Evatt is a suburb in the District of Belconnen, Australian Capital Territory. Evatt is bounded by the Ginninderra Drive, Copland Drive, Owen Dixon Drive and the William Webb Drive. Evatt was named after Herbert Vere Evatt, the Justice of the High Court of Australia between 1930 and 1940. The suburb’s theme revolves around legal professions, hence the name of its streets.
The suburb’s population numbers by 5,327, with a median age of 37. Nearly 1,500 families live in the suburb, consisting of an average 2.7 people per household. Seventy-five per cent of residents in Evatt are Australia-born; other countries of birth include England, China, India, Vietnam and New Zealand.
Real estate environment
Occupancy rate in Evatt is high at 95 per cent, with only the remaining 5 per cent of the properties unoccupied, based on the latest government property data. Among the occupied dwelling spaces, 33.9 per cent are fully owned, 43 per cent are being purchased and 21 per cent are rented.
The most common residential properties in Evatt are separate houses at 96.3 per cent, followed by semi-detached homes at 2.3 per cent. Flats or apartment units make up around 1 per cent. The average rent per property is $381 based on aggregated data from various listings sites.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||23.67%||N/A|
|Median 3 years||32.91%||N/A|
|Median 5 years||50.15%||N/A|
|10 years average annual||5.33%||N/A|
|Weekly media advert. rent||$580||N/A|
|Time on Market||45.6 days||N/A|
|Gross Rental Yield Percent||3.95%||N/A|