If you compare the increase in value of investment property in Wright, 2611 to the rest of Australia, it performed quite well. The median increase in value, or capital gain property investors experienced for this ACT suburb was 18.84%.
Across a shorter period, Wright, 2611 has seen a median price increase of 5.77% over the last quarter.
LACK OF BUYER INTEREST may well be the reason that Wright is offering property investors an average of -4.86. This rate of discount on properties puts Suburb at number 5th in terms of most discounted suburbs in ACT
In the last year 47 properties changed hands in Wright, which puts it as the 62th most active market in ACT when comparing the number of sales per suburb.
Property investors should expect to get $790 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 4.75%
While Wright,2611 ranked number 39th in ACT for increase in median house value (annualised) increase, it is ranked 38th over the last 5 years.
Our latest figures would indicate that property sellers in Wright are currently offering property investors an average price cut of -3.22% below the asking price at the moment.
In the last year 106 properties changed hands in Wright, which puts it as the 13th most active market in ACT when comparing the number of sales per suburb.
Wright, 2611’s gross rental yield is 5.99%
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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.