Top 8 Canberra Suburbs to Invest in
Property in the nation’s capital is red hot and here are eight Canberra suburbs currently slated for growth.
In the nation’s capital, house prices have tipped the million-dollar mark, setting a new record of $1.016 million. As reported by Domain, this is the steepest price growth in almost three decades, equating to more than 30 per cent for houses and nine per cent for units since the start of the pandemic. With heightened buyer demand across the city, we seek out eight suburbs investors should currently keep their eyes on.
The sought-after suburb of Dickson has seen a wealth of new developments, with price growth largely being driven by first-home buyers. It is close to the city centre with easy access to public transport and has a youthful atmosphere with an abundance of restaurants and cafes. The median house price in Dickson has risen to $950,000, with units sitting at just under $500,000. Property investors can expect to net an annual rental yield of 3.6% for houses, while units represent strong returns at 5.5%.
In the prestigious inner south, Griffith is known for its tree-lined streets, café culture and handful of boutique shops. It’s walking distance to the Kingston foreshore and Fyshwick markets and surrounded by some of the top schools in Canberra. Not surprisingly, property investors have netted gains of almost 21% for the past year . A mix of heritage homes and new apartments, the median house price in Griffith has jumped to $1,825,000, while units remain relatively affordable at $518,000.
As one of Canberra’s fastest growing suburbs, Coombs is a safe bet for investors, experiencing capital gains of more than 27% over the past year . It’s conveniently positioned just 15 minutes’ drive from the city centre alongside the picturesque Molonglo River Reserve. In Coombs, residents can enjoy a breath of fresh air with nature reserves, play areas and parklands spurring endless opportunities for outdoor adventure.
The pleasant suburb of Banks lures those looking to immerse themselves in nature. It’s nestled about 25 minutes south of the CBD and is bordered by Rob Roy Range Nature Reserve, with bush tracks and cycling trails. Enjoying capital gains of over 26% for the past 12 months, property investors can feel confident purchasing in Banks. The average house price sits at $655,000 , making it a popular pocket among young families and retirees.
As the largest suburb in Canberra, Kambah offers a diverse mix of properties spanning everything from mid-century to new builds. Surrounded by bush land, families can make the most of the natural Kambah Pool and an abundance of amenities including playgrounds, grocery stores and cafes. Kambah house prices have lifted 13.55% over the past year and units have fared exceptionally well returning capital gains of almost 20%. Both have achieved a strong rental yield of more than 4%.
The desirable neighbourhood of Franklin is prized for its beautiful, leafy parks and walking trails. This lifestyle location offers good public transport links and access to everyday essentials; not surprisingly Franklin is experiencing rapid growth. Its high-quality homes appeal to both families and young independents, with a median house price of $880,000. Units are proving a strong investment at a reasonable $415,000, with a potential rental yield of 5.6%.
Attracting established couples and families, Theodore has experienced an increase in median property prices of more than 10% over the past year yet remains relatively affordable at $660,000. The peaceful neighbourhood is home to some of Canberra’s best nature walks along with a handful of shopping and entertainment options and local schools. It lies about 20 minutes’ drive south of the CBD and 10 minutes to Tuggeranong town centre.
Lying just five minutes’ drive from the Gungahlin town centre, Bonner combines everyday convenience with a close-knit family, friendly atmosphere. The masterplan community is well connected to the city and surrounded by sporting grounds, parks and good schools. With home prices rising more than 10% , investors can expect to pay roughly $755,000 for a house in Bonner. Rents here are strong, reflecting a 4.5% rental yield for houses and 5.5% for units.
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