Woden is one of the fastest growing areas in Canberra, with a high demand for rental properties. The Woden Town Centre has already seen a complete transformation over recent years, and there’s more growth to come driven by government investment. The $265 million Canberra Light Rail project will connect the line to Woden by 2026. The $300 million new CIT Woden Campus will open in 2026, bringing 6,500 students to the area. And the recently announced $500 million Canberra Hospital Expansion is set to start soon, creating 500 new jobs.
Add to this a rental yield of 6.02%*, and a property investment in Woden makes sense.
Helping to drive the future Woden transformation is W2, a sophisticated new development by local developers Keggins, with 213 apartments, spread across 21 levels, with one-, two- and three-bedroom options plus a range of penthouses.
W2 will be the first new Woden development to be completed and have tenants move in, meaning investors can reap the benefits in their property portfolio sooner.
Investors in W2 will enjoy a carefree, low cost investment in a location that’s appealing to renters, and is getting better every year. The development is connected to an array of dining, and shopping options as well as sprawling parklands and arterial roads. It’s also close to work for many—10.43% of the entire ACT population are employed in Woden, with 20 federal and territory government departments as well as over 2,759 local businesses.
Woden is a popular area for renters, and of the almost 3,000 people living in the suburb of Phillip, just over half (50.55%) rent their home. According to statistics by Allhomes, properties in Woden have a median weekly rent of $650, which is expected to increase 7.4% year on year.
Statistics from Independent Property show rentals in Woden have an average vacancy rate of 11 days, an average of 103 rental approvals, and 1,036 people through open homes, with just a 1.2% vacancy rate. And Woden’s population is projected to increase each year.
It’s the smart choice for investors.
Find out more about W2 and the benefits of an investment in the development at w2woden.com.au.
Source: realestateinvestar.com.au.