Property Market Update: Melbourne, September 2021
Melbourne’s property market kept the ball rolling in September as the city’s dwelling values rose once more during t...
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 $711,000.
The upward trend in home prices in WANNIASSA, 2903 averaged 7.18% per annum over a 3-year period.
Average weekly rents on listings have reached the $567.5 mark, reflecting a 4.15% increase in returns based on the current median price in WANNIASSA.
An average of 9.83 real estate transactions take place per month in WANNIASSA which translates to 118 per annum.
118 properties were sold in WANNIASSA in 2016, making it the 84th most active market in ACT based on total real estate transactions.
WANNIASSA, 2903 places 40th in Australia based on median property value growth during the quarter.
Wanniassa is a suburb in Canberra, bounded by the arterial roads of Athllon Drive, Drakeford Drive, Sulwood Drive, and Erindale Drive. Wanniassa is named after a property owned by Thomas MacQuoid, a sheriff in NSW, in Tuggeranong. MacQuoid named the land after Wanayasa, a mountainous region in Java, Indonesia, believed to be inhabited by the gods. The suburb’s streets were named after Victorian state politicians.
Wanniassa is still one of the cheapest suburbs offering detached homes to home buyers in Canberra, with a median price of $540,000. $500,000 won’t get residential property investors anywhere in Canberra, save for the suburb of Ngunnawal in the Gungahlin district.
Most of the houses for sale in Wanniassa are three to four-bedroom homes, which comprise 90 per cent of the private dwellings in the suburb. Property buyers who are eyeing a home in Wanniassa can enlist the services of a home loan specialist to assist them with their needs.
Wanniassa has a bustling lifestyle setting, with a number of shops, cafes, and restaurants that are a must-see for both tourists and residents. The suburb's south-east corner is particularly busy as most of the stores and landmarks are concentrated in the area.
Schools are not a problem for residents, and even those living in neighbouring suburbs. Wanniassa is home to a number of schools, such as the Wanniassa Hills Primary School, Wanniassa Primary School, Wanniassa School Senior Campus, and Trinity Christian School. New developments in the suburb are a new park and ride that will be located beside the Wanniassa Shopping Centre, and a large supermarket.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||14.54%||0.57%|
|Median 3 years||21.54%||36.15%|
|Median 5 years||35.28%||7.93%|
|10 years average annual||4.2%||2.2%|
|Weekly media advert. rent||$567.5||$467.5|
|Time on Market||47.4 days||0.0 days|
|Gross Rental Yield Percent||4.15%||5.49%|