Question 1

Is Spence a nice place to live?

Accepted Answer

Spence is an established residential suburb in Belconnen with tree-lined streets and predominantly single-storey brick homes on generous blocks. It has a quiet, domestic feel that appeals to families and government workers, and everyday life is supported by a small neighbourhood shopping strip, nearby parks and community sports facilities. Regular bus services link residents with Belconnen Town Centre and the wider city.

The suburb is home to 2,587 people with a median age of 38, and couple families with children are the largest family group at 46.2%. Most homes are owner-occupied (79.7%). Spence is also affected by public-transport planning and the northside hospital project in the Bruce precinct. Taken together, that points to an established, green suburb with accessible amenities; whether it suits you comes down to the kind of location and daily routines you prefer.

Question 2

Is it expensive to live in Spence?

Accepted Answer

Housing costs in Spence look different depending on whether you rent or buy. A house rent of $630 a week would take about 26.7% of a typical local household's weekly income at the last Census, which is a moderate share. By contrast, the median house price of $942,000 is about 7.7 times a typical local annual household income at the last Census, a multiple that sits well above local incomes. On these figures, renting looks the more manageable of the two options for someone using local household income as their benchmark.

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 Spence a good place to invest?

Accepted Answer

Over the past 12 months median house values in Spence climbed a solid 7.8% while the rent those houses fetched rose a more modest 2.4%. In other words, capital growth for houses outpaced the growth in rental income over the year.

If rental income is your main priority, the figures show only moderate gains in house rents; if you are focused on capital growth, house prices were the stronger performer in Spence this year. Whether that pattern fits your objectives and circumstances is for you to judge.

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	$942K	N/A
Change in value Past 12 months	7.8%	N/A
Sold Past 3 months	13	N/A
Median days on market Past 12 months	25	N/A
Average rent Past 12 months	$630	N/A
Change in rent Past 12 months	2.4%	N/A

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