Menangle Park Could Be The Next South Western Sydney Success Story
For buyers willing to gamble on an early-stage release in an unknown suburb, the rewards might just outweigh the risks. ...
Based on its average 5-year and quarterly capital gains, the suburb saw average growth in the long term.
The suburb 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 $828,500.
The upward trend in home prices in KALEEN, 2617 averaged 6.12% per annum over a 3-year period.
Average weekly rents on listings have reached the $580 mark, reflecting a 3.64% increase in returns based on the current median price in KALEEN.
An average of 8.08 real estate transactions take place per month in KALEEN which translates to 97 per annum.
97 properties were sold in KALEEN in 2016, making it the 1st most active market in ACT based on total real estate transactions.
KALEEN, 2617 places 13th in Australia based on median property value growth during the quarter.
Kaleen is a suburb in the district of Belconnen in Canberra, bounded by Barton Highway, Baldwin Drive, Ginninderra Drive, and the suburbs of Giralang and Lyneham. The suburb was named after the Wiradjuri people’s word for “water”; its street name theme was inspired by Australian rivers.
Kaleen has one of the largest concentration of people in Belconnen, Canberra on the whole with 7,271 residents. Older couples and families comprise nearly 30 per cent of the Kaleen population.
Thriving real estate
Canberra ranks third, next to Sydney and Melbourne, for the most property price gains among Australia’s eight capital cities. Property tours in Kaleen are twice the state average. Based on the government’s capital city property price index data, Canberra’s residential property prices have gone up by 2.8 per cent in the past quarter, and 8.9 per cent in the past year. Among the suburbs driving this growth is Kaleen, which has caught the attention of buyers priced out from other suburbs.
The median home price in Kaleen has climbed by an estimated 19 per cent in the past three to five years to $644,000, based on our latest property data. Gross rental yield for homes and units are also on an uptick, reflecting a 5.13 per cent and 4.74 per cent increase, respectively.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||12.87%||N/A|
|Median 3 years||18.36%||N/A|
|Median 5 years||41.62%||N/A|
|10 years average annual||4.47%||N/A|
|Weekly media advert. rent||$580||N/A|
|Time on Market||76.4 days||N/A|
|Gross Rental Yield Percent||3.64%||N/A|