Kaleen

POSTAL CODE: ACT, 2617

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KALEEN, 2617 ranks 3132nd on the best performing suburbs in Australia in terms of capital gains, returning capital gains of 3.07% for property investors.

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

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 $1,010,101.

The downward trend in home prices in KALEEN, 2617 averaged -2.61% per annum over a 3-year period.

Average weekly rents on listings have reached the $700 mark, reflecting a 3.6% increase in returns based on the current median price in KALEEN.

An average of 5.83 real estate transactions take place per month in KALEEN which translates to 70 per annum.

70 properties were sold in KALEEN in 2016, making it the 17th most active market in ACT based on total real estate transactions.

KALEEN, 2617 places 69th in Australia based on median property value growth during the quarter.

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 $560,000.

Investors saw the median home price rise to $560,000.

The upward trend in home prices in KALEEN, 2617 averaged 0% per annum over a 3-year period.

KALEEN now ranks at the 52nd place on a list of fastest growing suburbs in the territory.

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

Real estate investors could earn a rental income of N/A based on current median home prices for the suburb.

It is expected for properties to spend some time on the market prior to a successful sale. In KALEEN, homes and units usually stay on listing for an average of N/A.

15 properties were sold in KALEEN in 2016, making it the 49th most active market in ACT based on total real estate transactions.

Surburb overview

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.

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