ACT has seen average median house prices change by 12.44% which means that Wright, 2611 has done well for property investors by showing a capital gain of 8.10% over the last year
Taking the average capital gain, or increase in median house value, Wright,2611 has racked up an average of 8.10% over the period. This ranks it number 995th in the whole country for real estate investors looking at median house price increases.
State is the 6th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -4.54% offered to property buyers. Sellers in Wright itself are offering an average vendor discount of -5.71% to real estate investors.
Situated 9.85km from the CBD, Wright is one of Unincorporated ACT localities in the postcode 2611.
ACT has seen average median house prices change by 7.32% which means that Wright, 2611 has done well for property investors by showing a capital gain of 3.88% over the last year
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Wright has increased when compared to the 5 year average annual rate.
Vendor discounting in Wright is giving property investors an average Vendor Discount of around -3.66%. This puts suburb at number 11th in ACT when ranking the most discounted suburbs.
Often selling an investment property can take time, and in Wright the average time real estate has been on the market is 77.5205 days.
Property investors should expect to get $480 weekly from the median priced house in this suburb.
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Things are tight
Median unit price: $385,000
Vacancy rate: 8.8%
Three-year growth: 3.2%
A developing suburb, Wright’s growth prospects have not looked very good, but it is a hit among tenants. The average vacancy rate plummeted from 13.0% all the way down to 8.8% in the 12 months to July 2018, leaving only 21 vacant rental properties in the suburb. The average rent rate comes in at $435 per week, and it certainly is a good investment in terms of cash flow – landlords earn average returns of almost 6%.
The suburb is situated in the Molonglo Valley, and was named for poet and environmentalist Judith Wright. The first house in this suburb was only constructed in 2012, but it appeals to renters given its proximity to the Cooleman Court shopping centre and Canberra Hospital. Students also appreciate the closeness of schools like Duffy Primary School, Canberra College and the Australian National University.