If you compare the increase in value of investment property in Wright, 2611 to the rest of Australia, it performed poorly. The median increase in value, or capital gain property investors experienced for this ACT suburb was -4.11%.
Taking the average capital gain, or increase in median house value, Wright,2611 has racked up an average of -4.11% over the period. This ranks it number 3125th in the whole country for real estate investors looking at median house price increases.
Property buyers and investors in Wright 2611 should be seeing an average reduction in asking price of around -6.43% . This means that Wright is holding prices well when compared to other suburbs in ACT.
Property investors should expect to get $697.5 weekly from the median priced house in this suburb.
Property value increases in Wright have tracked just lower than the ACT average of 0.86% over the last 12 months.
A 0.54% growth in median value for property investors in Wright,2611 puts this suburb at number 27th in terms of best performing suburbs in ACT
Sellers are offering property buyers an average discount of -3.97% to buyers in Wright at the moment, which is less than average for the rest of ACT.
A $450 per week rent on the median house gives suburb investors a gross yield of circa 5.97%, without taking into account capital value appreciation, which has been averaging out at -2.86%.
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 suburbFull summary
Information supplied by:
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.Close