The case for Canberra’s office market
No longer just a public service bubble, Canberra has seen an increase in private sector activity in recent years, bringing with it a raft of...
Based on its average 5-year and quarterly capital gains, the suburb saw average growth in the long term.
The suburb also 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 $764,000.
The upward trend in home prices in CARRUM, 3197 averaged 4.26% per annum over a 3-year period.
Average weekly rents on listings have reached the $450 mark, reflecting a 3.06% increase in returns based on the current median price in CARRUM.
An average of 4.42 real estate transactions take place per month in CARRUM which translates to 53 per annum.
53 properties were sold in CARRUM in 2016, making it the 175th most active market in VIC based on total real estate transactions.
CARRUM, 3197 places 228th in Australia based on median property value growth during the quarter.
| KEY PROPERTY DATA REPORT | HOUSE | UNIT |
|---|---|---|
| Median Price | $764,000 | $630,000 |
| GROWTH REPORT | ||
| Median Quarterly | 1.87% | -6.67% |
| Median 12 month | -7.39% | -10.64% |
| Median 3 years | 12.77% | 17.43% |
| Median 5 years | 39.54% | 41.57% |
| 10 years average annual | 6.48% | 6.11% |
| Weekly media advert. rent | $450 | $450 |
| Time on Market | 87.6 days | 71.6 days |
| Gross Rental Yield Percent | 3.06% | 3.71% |
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