Suburb Profile Report for Bright VIC (3741)

Bright House: Median price $590,000, Annual capital growth 8.65%, Number of sales 40, Weekly median advertised rent $380

Bright Unit: Median price $429,500, Annual capital growth 6.52%, Number of sales 18, Weekly median advertised rent $320

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: Monthly data update for Nov 2019 as supplied by CoreLogic. Data is reported to the period ending Aug 2019. Please note that property sales data is routinely updated, so may change retrospectively.

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Bright is in the TOP 20% in VIC when comparing median price capital growth over the last year. Bright gave property investors a very good capital gain figure when compared to the rest of the state, with 10.38%.

Taking the average capital gain, or increase in median house value, Bright,3741 has racked up an average of 10.38% over the period. This ranks it number 259th in the whole country for real estate investors looking at median house price increases.

Property buyers and investors in Bright 3741 should be seeing an average reduction in asking price of around -4.53% . This means that Bright is holding prices well when compared to other suburbs in VIC.

Using the current median advertised rental of $380 and the average annual increase in value of a median property of 8.65%, investors should hope to achieve an overall return of 3.35%

If you compare the increase in value of investment property in Bright, 3741 to the rest of Australia, it performed very well. The median increase in value, or capital gain property investors experienced for this VIC suburb was 22.02%.

When looking at the potential capital gains offered to property investors over the last 3 years, Bright comes in at number 7th in VIC.

Our latest figures would indicate that property sellers in Bright are currently offering property investors an average price cut of -9.38% below the asking price at the moment.

Situated 214.16km from the CBD, Bright is one of Alpine (S) localities in the postcode 3741.

Information supplied by:


May 2018

M
O

W
E

Alpine suburb has strong potential

Postcode: 3741

Median unit price: $355,000

Three-year growth: 45.5%

Rental yield: 3.4%

The suburb of Bright is nestled at the southeastern part of the Ovens Valley in northeast Victoria. Its unit market is affordable at a median price of under $360,000.

In addition to being low priced, Bright has maintained a consistent positive growth trend since 2013. In the three months to February 2018 alone, the suburb reported a price hike of 15.4% for apartments. Moreover, vendors get a good deal as the average discount rate is only 1.6%.

Tourism keeps Bright a bustling area, especially in the autumn. Paragliding and hang gliding are popular activities here, and the suburb also acts as a gateway to great views of the Victorian Alps. There are many national parks taking advantage of the suburb’s location. 

Metrics i HOUSE UNIT
$590,000 $429,500
3.96% 19.31%
10.38% 22.02%
8.65% 6.52%
$380 $320
40 18
3.35% 3.87%
98.5 97.2307692307692

Source: Monthly data update for Nov 2019 as supplied by CoreLogic. Data is reported to the period ending Aug 2019. Please note that property sales data is routinely updated, so may change retrospectively.

DSR Score for property investment : Above average (H), Above average (U)
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Demographics
Total population 2165
Median household income ($/weekly) 781
Median age of persons 51
Median housing loan repayment ($/monthly) 1300
Average household size 2.2
  • Census Count Percent(%)
    5-14 years 218 10.1
    35-44 years 247 11.4
    45-54 years 316 14.6
    55-64 years 363 16.8
    65-74 years 339 15.7
    Others 682 31.5
    Age Group
    Census Count Percent(%)
    Registered Married 818 52.5
    Not Married 587 37.7
    Defacto Relationship 152 9.8
    Social Marital Status
  • Census Count Percent(%)
    Australia 1681 81.6
    Greece 35 1.7
    Papua New Guinea 26 1.3
    United Kingdom 156 7.6
    Other 42 2.0
    Others 119 5.8
    Country of Birth
    Census Count Percent(%)
    Buddhism 32 1.7
    Christianity 1211 63.1
    Hinduism 4 0.2
    Other Religious Groups 4 0.2
    No Religion 662 34.5
    Others 6 0.3
    Religious Affiliation
  • Census Count Percent(%)
    $300-$399 96 12.0
    $400-$599 139 17.4
    $600-$799 114 14.3
    $800-$999 98 12.3
    $1,000-$1,249 78 9.8
    Others 274 34.3
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Not in the labour force 814 46.9
    Employed, worked full-time 471 27.2
    Employed, worked part-time 352 20.3
    Employed, away from work 59 3.4
    Unemployed, looking for work 38 2.2
    Person Characteristics
  • Census Count Percent(%)
    Managers 164 18.5
    Professionals 144 16.3
    Technicians & trades workers 139 15.7
    Sales 104 11.7
    Labourers 106 12.0
    Others 229 25.8
    Occupation
    Census Count Percent(%)
    Pre-school 34 9.5
    Infants/Primary 136 38.1
    Secondary 124 34.7
    Technical or Further Educational Institution 34 9.5
    University or other Tertiary Institutions 19 5.3
    Others 10 2.8
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 1672 87.1
    Semi-detached, row or terrace house, townhouse 126 6.6
    Flat, unit or apartment 96 5.0
    Caravan, cabin, houseboat 17 0.9
    House or flat attached to a shop, office 9 0.5
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Fully owned 401 46.0
    Rented 248 28.4
    Being purchased 215 24.7
    Other tenure type 8 0.9
    Tenure Type
Census 2011, ABS
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