Housing Market Intervention To Wipe Out Growth By 2023
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CANTERBURY, 2193 delivered a stronger performance in contrast to other Australian suburbs in terms of appreciation of property value.
Investors saw the median home price rise to $1,265,000.
Profits due to an downward trend in home prices in the suburb averaged -3.16% per annum over a 3-year period.
CANTERBURY now ranks at the 1129th 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 CANTERBURY are high, as opposed to average gains per annum over the past five years.
Because of this real estate investors could earn a rental income of $580 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 CANTERBURY, homes and units usually stay on listing for an average of 84.4 days.
In 2016, 34 properties were sold in CANTERBURY during the past year, making it the 624th most active market in NSW based on total real estate transactions.
Canterbury is a suburb located 10 kilometres of Sydney’s central business district. It belongs to the local government area of the City of Canterbury-Bankstown Council.
A suburb was born
The area was first inhabited by the Aborigines from the Bediagal clan, who spoke the Eora dialect of the Dharug language. White settlement began in the late 1700s, as a result of a British expedition.
The next century saw the establishment of Canterbury’s trade and commerce with the founding of the suburb’s first sugar mill. Soon the local economy expanded, and a tannery and boiling down facility were erected. The municipality of Canterbury followed as an offshoot of the thriving business environment and the swelling population.
Real estate environment
Times are changing in Canterbury, long ignored by home buyers who are hell bent in buying properties only in the inner west. Apartments have risen to be a favorite among young professionals and families purchasing units in the suburb. New developments are scattered across the suburb, including several multi-family properties in close proximity to the town centre. Houses for sale often include both contemporary and old homes. If you’re fortunate, you could chance upon a heritage home for a fraction of the cost.
The median home price in Canterbury is an estimated $1.3 million; a unit, on the other hand, costs $670,000. Rental prices have posted modest growth, reflecting an increase of 2.37 per cent for homes and 4.19 per cent for units.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||-1.56%||5.37%|
|Median 3 years||-9.48%||0.97%|
|Median 5 years||1.2%||2.5%|
|10 years average annual||7.51%||5.33%|
|Weekly media advert. rent||$580||$450|
|Time on Market||84.4 days||94.9 days|
|Gross Rental Yield Percent||2.38%||3.46%|