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Property investors enjoyed capital gains of 18.85% over the last 12 months in BANKS, translating to lower returns compared with its peers in ACT.
Figures from the previous quarter show that capital gains for real estate buyers in BANKS are low, as opposed to average gains per annum over the past five years.
The suburb posted a 47.21% growth in median prices over a three-year period. This is considerably lower than the gains it recorded over the past year.
This number can mean, real estate investors could earn a rental income of $525 based on current median home prices for the suburb.
On average, rents on listings have reached the $525 mark, reflecting a 3.77% increase in returns based on the current median price in BANKS.
BANKS, 2906 ranks 74th in ACT in terms of median property value increase and capital gains, based on year-to-date figures.
While it ranks 32nd on the list of best yielding suburbs for rental properties in ACT, posting a 3.77% return.
Banks is a suburb in Canberra, ACT, in the district of Tuggeranong. Located adjacent by the suburbs of Conder and Gordon to the north and the Rob Roy Nature Reserve on the east, Banks is the most southern suburb of Canberra. Gazetted in 1987, the suburb was named after Joseph Banks, a botanist who landed with Captain James Cook in Botany Bay. The theme of the suburb's streets are botanical or natural historical names. The suburb is bounded by Tharwa Drive, Box Hill Avenue, and Tom Roberts Avenue.
Things to do in Banks
Banks has a small shopping centre on Pockett Avenue that includes a small take-away food shop, a hair salon, and a small supermarket. In the vicinity are Lanyon High School, St. Clare of Assisi Primary School, and Charles Conder Primary School north of Banks.
The Rob Roy Nature Reserve, which is part of the Canberra Nature Park, is a famous area for paragliding – Big Monks, a mountain near Mount Rob Roy, has a gliding stage at the top that allows paragliders and hang-gliders to fly over the suburb.
Settling in Banks
Banks has a population of 4,967 consisting of 1,367 families, with a median age of 33. They inhabit around 1,836 private dwellings in the suburb. Majority of the residents are Australian-born citizens, with some of the countries of birth are England, New Zealand, Philippines, Scotland, Laos, Vietnam, Malaysia, and Sri Lanka.
The median home price in Banks is$563,000, while units cost around $405,000. The most common dwelling structures in Banks are separate houses, yet there are also semi-detached homes, and flats, units, or apartments available in the area. More than half of the properties in the suburb are being purchased, while a portion of the properties are rented, or are fully owned. Rents usually range at $460 for house or $410 for units.
House prices in Banks have grown by 1.11 per cent and unit prices have grown by minus 2.16 per cent in the past three years.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||18.85%||8.63%|
|Median 3 years||47.21%||29.86%|
|Median 5 years||62.83%||49.33%|
|10 years average annual||6.19%||4.49%|
|Weekly media advert. rent||$525||N/A|
|Time on Market||43.0 days||0.0 days|
|Gross Rental Yield Percent||3.77%||N/A|