Question 1

Is Banks a nice place to live?

Accepted Answer

Banks, in the Tuggeranong district of outer-southern Canberra, is a quiet, low-density residential pocket of mostly detached houses and gardened yards that reads as an established, suburban community. It is home to about 5,100 people with a median age of 35 and a typical household income of $2,419 a week (roughly $125,800 a year). Families make up the bulk of the mix, with 51.2% of families being couple families with children and a further 30.7% couple families without children, and most homes are owner-occupied (82.0%).

Everyday life in Banks centres on local shops, community facilities and nearby parks, playgrounds and walking paths, while arterial roads and Transport Canberra bus services, including the Forsythe Street stop, connect people to the Tuggeranong town centre for larger retail and services. There are no significant new infrastructure projects reported, and the suburb tends to suit families, downsizers and commuters looking for a calmer base away from the inner-city bustle; whether it fits you depends on what you want from a suburb.

Question 2

Is it expensive to live in Banks?

Accepted Answer

On the figures shown for Banks (ACT), renting a house at about $650 a week would take roughly 27% of a typical local household's weekly income as recorded at the most recent Census (650 / 2419 ? 0.269). Buying is noticeably more stretched against local incomes: a median house price of $780,500 works out to about 6.2 times a typical local annual household income at the last Census (780,500 / (2419 × 52) ? 6.2), which sits well above what a typical local household earned at the last Census. So on these figures buying looks more stretched against local incomes than renting; which matters most will depend on whether you plan to rent or buy.

Everyone's financial situation is different, so it's important to consider your own circumstances when deciding which suburb is right for you.

Question 3

Is Banks a good place to invest?

Accepted Answer

The clearest movement for Banks over the past 12 months is a strong rise in median house values, up 19.6% — a sizeable increase in what houses are worth. House rents edged up 1.6% over the same period, so price growth has outpaced rental income growth for houses this year.

If rental income is your priority, the rent change is the relevant figure; if capital growth matters most, the house value change is the one to consider. Whether that balance suits you depends on your goals and circumstances.

This information has been prepared without taking your objectives, needs and overall financial situation into account. It is not meant to be a substitute for professional financial advice. For this reason, you should consider the appropriateness of the information and, if necessary, seek appropriate professional advice.

	Houses	Units
Median price Past 3 months	$781K	N/A
Change in value Past 12 months	19.6%	N/A
Sold Past 3 months	29	N/A
Median days on market Past 12 months	31	N/A
Average rent Past 12 months	$650	N/A
Change in rent Past 12 months	1.6%	N/A

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