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A 9.79% increase in median property prices in THEODORE, 2905 has allowed this suburb to join the ranks of best performing suburbs in ACT, settling at number 49th.
A steady increase in median property prices over a five-year period in the suburb translates to a 20.56% capital gain.
It 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 $645,000
The augmented property values in the suburb are trailing behind the territorial average of 9.9% in 2016.
On the other hand, based on current median home prices for the suburb, Real estate investors could earn a rental income of $525.
Home owners selling their properties and realtors in THEODORE usually have to wait an average of 39.0 days days before their assets are lifted off the market.
The ACT suburb ranks 28th on the list of best yielding suburbs for rental properties in ACT, posting a 4.23% return.
It also places places 67th in Australia based on median property value growth during the quarter.
Theodore is a suburb in the Tuggeranong district of Canberra, bordered by the mountainous landscapes of the Tuggeranong Hill Nature Reserve and bounded by the arterial roads of Monaro Highway and Tharwa Drive. Theodore was gazetted on 5 August 1975, on the same date as other suburbs in the district.
The suburb’s namesake is Edward Granville Theodore, who served as a premier of Queensland and was a member of the Parliament. Streets in the suburb were named in honour of civilians who were involved in the war effort during both world wars.
Theodore's population is composed of 3,799 residents, with a median age of 33. Out of this number, 1,045 are families. Households are comprised of 2.8 people on average. Each household has a median weekly income of $2,123.
Real estate growth
Demand for properties in Theodore is high, with property tours for the entire suburb’s portfolio averaging at 282 — the state average is at 293. Currently, the average mortgage repayment is standing at $2,045, which is still considered relatively affordable as far as home loans go.
Prices are rising fast, however, and home buyers should strike while the iron is hot. In the past 12 months alone, home prices have increased by 21.28 per cent to $570,000 based on the latest property data.
Apartments are lagging behind in terms of price growth but on an upward trend, nonetheless. Rents are a different story, however, as yield is greater for apartments for rent than homes. The median weekly rent for detached properties is $370.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||9.79%||N/A|
|Median 3 years||20.56%||N/A|
|Median 5 years||40.52%||N/A|
|10 years average annual||3.72%||N/A|
|Weekly media advert. rent||$525||N/A|
|Time on Market||39.0 days||N/A|
|Gross Rental Yield Percent||4.23%||N/A|