Mckellar

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MCKELLAR, 2617 delivered a stronger performance in contrast to other Australian suburbs in terms of appreciation of property value.

Average median house prices in ACT have risen as a whole, pulling MCKELLAR, 2617 values up and netting property investors a capital gain of 20% for the past year.

Investors saw the median home price rise to $960,000.

Profits due to an upward trend in home prices in the suburb averaged 11.36% per annum over a 3-year period.

MCKELLAR now ranks at the 73rd 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 MCKELLAR are low, as opposed to average gains per annum over the past five years.

Because of this real estate investors could earn a rental income of $750 based on current median home prices.

Regardless, it is expected for properties to spend some time on the market prior to a successful sale. In MCKELLAR, homes and units usually stay on listing for an average of 0.0 days.

In 2016, 49 properties were sold in MCKELLAR during the past year, making it the 46th most active market in ACT based on total real estate transactions.

Surburb overview

McKellar is a suburb of Belconnen, Canberra, ACT. The suburb was named in honour of Australian politician Gerald Colin McKellar, who was a former Senate member and minister for repatriation. The suburb’s streets were named in honour of Australian newspapermen and women, and was gazetted in 1974.

The suburb is bounded by the arterial roads of William Webb Drive, Owen Dixon Drive, William Slim Drive and Ginninderra Drive. McKellar is conveniently located north of Belconnen.

Real estate environment

A shift in residential home buyers’ attitude has changed the home property investment landscape in Canberra, with cashed-up buyers opting for modest suburbs with good access to amenities and tourist hotspots over the coveted post codes of Canberra’s inner south. These buyers were mostly residential property investors who were adding a second or third million-dollar property to their portfolio – McKellar was among the top-of-mind locations.

McKeller’s auction market is also showing some positive movements, thanks to record-breaking sales of five-bedroom homes. Currently, mortgage repayments in the suburb of McKellar are still in the middle range, but real estate authorities believe that McKellar’s prices could increase soon. In terms of suburb growth, the government expects the suburb’s population to rise by 0.31 per cent in the next three years.