With increased year-on-year growth, Canberra is still a property investment hot-spot. Canberra property prices vary considerably based on suburb and property type, so deciding where to invest can seem overwhelming for a first-time investor. However, there are still a number of affordable suburbs that should be top of every first-time investor’s list:
The new suburb of Wright is currently offering solid returns. Investors can purchase for around $315,000 and expect a rental return of approx. $440 per week.
Wright is well-positioned in the Molonglo Valley adjacent to Coombs and in between John Gorton Drive, Uriarra Road and Cotter Road. Wright really is in the centre of everything – Civic, Woden, Belconnen and easily accessible from the Tuggeranong Parkway and William Hovell Drive.
With 5000 people already living in the Molonglo Valley, a number of amenities are popping up to service the growing population, including Charles Weston Primary School, soon to be joined by another two future schools. Outdoor space has been a careful consideration of the development of the Molonglo Valley, with ample parks, playgrounds and outdoor fitness stations available for residents.
The beautiful Stromlo Forest Park is a spectacular sporting facility, offering an abundance of cycling and walking trails. The Stromlo Leisure Centre is scheduled to open in 2020, which will provide residents with the opportunity to be active year-round, whilst feeling connected to their community.
Wright is comprised of a combination of houses, townhouses and low-rise apartment living, which offer a centrally located low-maintenance urban lifestyle. The suburb has been designed to offer a sense of space, with wide streets and generous landscaping - so there is never the feeling of being hemmed-in or living “on top of” your neighbours.
Properties in Wright have been designed to consider the modern lifestyle: light-filled open-plan living with contemporary finishes and appliances as well as balconies to maximise the surrounding vistas of the rural landscape of Stromlo Forest Park and surrounds. Some complexes also recognise residents’ desire to reduce their carbon footprint and have dedicated communal gardens and composting areas.
Wright’s new-build properties also boast a stellar EER6 (Energy Efficiency Rating), ensuring that you remain warm in winter and cool in summer, thanks to a combination of insulation, double glazing and efficient ducted heating/cooling – no more crippling gas or electric bills at the end of each quarter!
A stroll down Lonsdale Street will send any foodie to heaven with trendy eateries such as: Debacle, Grease Monkey, Hopscotch, BentSpoke Brewing Co, Eighty-Six, and Lonsdale St Roasters. The good news is Braddon is more affordable than it used to be, thanks to increased stock at compelling prices – a buyer’s market!
Modern Braddon apartment blocks boast contemporary finishes and efficient floor plans that punch above their weight when it comes to packing as much into an apartment (including storage) as possible. Many buildings are also tech-friendly with NBN installed and ready to go, and advanced security systems for residents’ peace of mind.
High-density zoning has resulted in taller buildings than other suburbs, such as older parts of Kingston, but this allows residents to take advantage of irresistible views from their balcony towards Mt Ainslie.
Braddon is set for growth, with a number of larger planned developments such as Founder’s Lane starting to take shape. Close to the university and city, investors can be assured that a property in this suburb will continue to be in hot demand.
Kingston continues to go from strength-to-strength as Kingston Foreshore comes into its own and Kingston village retains its community buzz. There are exciting new developments popping up along the foreshore (such as Sapphire on the Kingston Peninsula), but Kingston has some other gems that offer excellent value for money. There are a number of low-rise apartment blocks surrounding Kingston village that offer light, bright, modern apartments and often have a tad more space than the new high-rise apartment blocks - and of course, you can’t beat the location! Many complexes also offer residents at least one secure car space, generous-sized balconies, and often a gym or other fitness facilities, such as a tennis court.
For anyone working in Civic or a Government department in the surrounding suburbs, Kingston is the dream commute. Kingston Village, Kingston Foreshore, Telopea Park, Manuka, the Old Bus Depot Markets and Lake Burley Griffin are all within walking distance, as are top-notch restaurants, bars and cafes such as Pomegranate, The Durham Castle Arms, and Silo Bakery. Kingston will remain a highly sort-after location for professionals wanting to live the good life, and it is realistic for an investor to secure a 2-bedroom apartment from $400K+.
Whilst Canberra property prices continue to rise, there is still value-for-money stock to be found for first-time investors if they keep an open mind and think outside the box. Carefully consider your options and your budget, then schedule an appointment with the Maloney’s Property team to determine the best property investment strategy for you.