Garran (postcode 2605) is a compact suburb in Australian Capital Territory within the Unincorporated ACT local government area. With a population of 3,706, the suburb has a settled mid-life population with a median age of 41. Households earn a median income of $155K per year, with an average household size of 2.7 people. Recent annual estimates show population movement staying broadly stable across the broader catchment, with population growth running at +1.3% year-on-year at the LGA level. ACT employment has moved -0.1% year-on-year in the official Jobs and Skills Australia NERO series, which provides the broader jobs backdrop for this suburb. ACT also had 6 Commonwealth-backed major projects under construction, 1 underway, and 7 in planning as at 2 October 2024, which is useful as a broader delivery backdrop rather than a suburb-specific project count. The most common occupations are professionals, managers, clerical & administrative. Employment in the area leans toward public admin & safety and healthcare. The top ancestries reported are English, Australian, Irish.
Median house prices in Garran stand at $1.6 million, having increased by 3.1% over the last twelve months. Units have a median price of $780,000. The median weekly rent is $550 (Census 2021). This gives a gross rental yield of approximately 1.8%. The median monthly mortgage repayment is $2,600.
Garran is served by 3 schools, including 2 primary, 1 special. The average ICSEA score is 1103, which is well above the national average of 1,000. Public transport access includes 27 bus stops. Healthcare facilities include 1 public and 2 private hospitals. The crime rate in the Unincorporated ACT LGA is below average at 3,481 incidents per 100,000 population.
On the investment side, The gross rental yield works out to roughly 1.8%, which reads as low yield. Property prices are above the state median ($1.6M/$1.0M), placing it in the premium segment. The price-to-income ratio of 10.3x is considered stretched. House prices have moved +3.1% year-on-year. Population growth of +1.3% year-on-year points to stable demand fundamentals. Building approvals have changed +0% year-on-year, indicating steady development activity.