A renovated, ground floor, 2 bedroom apartment in Philip in the ACT, has been on the market since July 2019, initially for $340,000. The vendor has now reduced this to $310,000+. It sounds like a great value property as current asking prices for units in postcode 2606 ranges from $410k to $478k.
The unit is conveniently located mid-way between Canberra Hospital, Woden town centre and Woden Westfield, and boasts 2 bedrooms with walk-in robes, combined lounge-dining, a tastefully renovated kitchen with ample storage and dishwasher, new floor coverings, curtains and it is freshly painted. It has the added bonus of being on the ground floor with a covered carport and intercom security.
The asking prices for 2 bedroom units in postcode 2606 has increased 25.9% over 3 years, a little below the capital growth of houses in the area of 34.7% over 3 years. Over the last 12 months, unit growth was 11.1% for 2-bedders but house growth declined by 2.6%. Unit growth continued over the month with a 4.6% increase for 2-bedders.
Phillip is located 9 kms south west of Canberra and has a population of 2,936 people (2016 census) with 47.3% of its occupants living in rental accommodation.
Asking rents in this area for 2-bedders has increased by a huge 32.4% over 3 years, 13.9% over 12 months and over the last month the increase has been 2.7%. If it is rental yields you are after, this area is above benchmark with gross rental returns of 5.6% expected. Vacancy rate sits at a low 2.2%.
Current stock on market has declined from 169 in November to 133 in December 2019. Properties are now also selling faster with days on market declining.
The area is predominantly apartment accommodation which makes this unit ideal for the rental market, and is a great entry point that would suit investors but also First Home Buyers and young couples.
Canberra’s economy is robust and has previously delivered modest housing growth. Christopher’s Boom and Bust Report 2020 is predicting further moderate price increases between 3% to 7% in 2020, which could make this a promising area to invest in.
SQM website features free property data that is now more interactive, easier to navigate and user-friendly, so keep monitoring this market’s growth at SQM Research’s free property data. Also consider the SQM Property Explorer product for more in-depth data and property price estimator.
TOP TEN TIGHTEST VACANCY RATES (Capital Cities Only)
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