If you compare the increase in value of investment property in Wright, 2611 to the rest of Australia, it performed around average. The median increase in value, or capital gain property investors experienced for this ACT suburb was 2.43%.
The five-year average increase in median property values for Wright,2611 has given property investors a potential capital gain of 37.09% across each of those five years.
Wright2611 is located in ACT which offers an average discount of -3.05% to property investors. Wright itself is showing figures that indicate -4.06% is the average achievable by property buyers investing in the suburb.
In the last year 39 properties changed hands in Wright, which puts it as the 61th most active market in ACT when comparing the number of sales per suburb.
Property investors should expect to get $740 weekly from the median priced house in this suburb.
Investment property in Wright has done around average for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of -0.76%
While Wright,2611 ranked number 30th in ACT for increase in median house value (annualised) increase, it is ranked 41th over the last 5 years.
Vendor discounting in Wright is giving property investors an average Vendor Discount of around -4.16%. This puts suburb at number 5th in ACT when ranking the most discounted suburbs.
Wright is 9th on a list of best yielding suburbs for rents in ACT with a 5.88% return
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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.