Bruce Canberra?

Hi all

Any views on whether Bruce Canberra is a reasonable suburb for a FHB to get into? If anyone has access to recent sales data for the suburb it would be much appreciated. ;)

Cheers
HL
 
Hi HL

I haven't personally looked into the area in any great detail but there are quite a lot of apartments (and I believe more are being built). This may have an impact on future growth.

It's close to the footy - that's a plus :)

Cheers

Jamie
 
Looks like the will be an over-supply of apartments here in the near future. I was looking at properties in Bruce recently and was amazed to see lots of new construction happening. As with many OTP places in Canberra, the quality is a bit hit and miss on some. But the location as Jamie pointed out is awesome. Calvary hospital is next door as is Canberra stadium and the AIS. The city is close by and Belconnen Mall is 5 mins away by car. Also, there the is the university of Canberra.

But as you know with Canberra, rents are still high. Not sure if it can remain high with so many apartments competing against each other.
 
Thanks. It does depend on the investing strategy. My plan is to hold the property for a while, minimum of 5 years and just build up some equity.

Apartments are going up all over Canberra as that's the nature of in-filling. Bruce is a newer suburb so it looks more obvious. Watson and other inner north suburbs are all being in-filled massively. Belconnen as well.
 
Hi Harold

Have you considered purchasing a house instead? Some of the entry level homes in the outer burbs of Tuggeranong and Belconnen are looking pretty good at the moment in terms of value.

With a property like this, you can manufacture growth via simple renovations. With an apartment in Bruce, you can't add value.

We recently renovated a 3 bedroom house in Calwell on the cheap. Most renos were cosmetic and set us back about $7k - here's some pics

http://www.facebook.com/media/set/?set=a.205513116151125.43824.127826280586476

Cheers

Jamie
 
We recently spent quite a few months looking for an IP in the Belconnen area, including Bruce.

I think Bruce is a bit overpriced for what you get. Others have mentioned being close to the stadium as being a bonus, for me that would turn me off immediately - have you been in that area on a game night?

If you were looking to rent it out there seem to be an awful lot of units for rent in the area at the moment. Have a look at Allhomes.com.au

Also the parking in the area can be a nightmare depending on where your unit is located. My work used to have an office on Thynne St and there were cars parked everywhere.

There are some nice restaurants at the bottom of some of the newer apartments - Ellacure being a fave.

If it were me, I would go for a house in one of the surrounding suburbs.
 
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