Suburb Profile Report for Westmeadows VIC (3049)

Westmeadows House: Median price $503,000, Annual capital growth 6.64%, Number of sales 66, Weekly median advertised rent $350

Westmeadows Unit: Median price $392,500, Annual capital growth 4.18%, Number of sales 32, Weekly median advertised rent $360

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

Source: CoreLogic

  • House Report
  • Unit Report

If you compare the increase in value of investment property in Westmeadows, 3049 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 11.78%.

Over the longer term, Westmeadows has seen property prices show investors a 28.97% return over the last 3 years. This is worse than over the last 12 months

When looking to buy, or assessing what properties are really achieving at sale, it's essential for property investors to take into account what discounts are being offered in Westmeadows, 3049. Typically our figures indicate that -1.90% is being offered, which puts this VIC suburb at 3727th most discounted overall in Australia.

With the median price for a house in Westmeadows being $503000 and the advertised rent reaching $350 the gross rental yield for property investors calculates out to be 3.62%

Property investors who have had real estate in Westmeadows, 3049 should be ok with this VIC suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices increase in value by 1.95%

The five-year average increase in median property values for Westmeadows,3049 has given property investors a potential capital gain of 6.80% across each of those five years.

State is the 6th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.12% offered to property buyers. Sellers in Westmeadows itself are offering an average vendor discount of -7.33% to real estate investors.

In the last year 32 properties changed hands in Westmeadows, which puts it as the 246th most active market in VIC when comparing the number of sales per suburb.

Westmeadows, 3049’s gross rental yield is 4.77%

HOUSE UNIT
$503,000 $392,500
0.64% 2.75%
11.78% 1.95%
6.64% 4.18%
$350 $360
66 32
3.62% 4.77%
27.78 49.55

Source: CoreLogic

DSR Score for property investment : Good (H), Good (U)
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Demographics
Total population 5522
Median household income ($/weekly) 1234
Median age of persons 39
Median housing loan repayment ($/monthly) 1600
Average household size 2.7
  • Census Count Percent(%)
    5-14 years 555 10.0
    25-34 years 786 14.2
    35-44 years 709 12.8
    45-54 years 807 14.6
    55-64 years 825 14.9
    Others 1841 33.3
    Age Group
    Census Count Percent(%)
    Registered Married 2065 47.1
    Not Married 2024 46.1
    Defacto Relationship 297 6.8
    Social Marital Status
  • Census Count Percent(%)
    Australia 3856 74.1
    Japan 230 4.4
    Netherlands 82 1.6
    United Kingdom 169 3.2
    Other 205 3.9
    Others 662 12.7
    Country of Birth
    Census Count Percent(%)
    Buddhism 100 2.0
    Christianity 3808 75.4
    Hinduism 20 0.4
    Islam 273 5.4
    No Religion 841 16.7
    Others 7 0.1
    Religious Affiliation
  • Census Count Percent(%)
    $400-$599 171 9.7
    $600-$799 170 9.7
    $1,000-$1,249 185 10.5
    $1,500-$1,999 250 14.2
    $2,000-$2,499 181 10.3
    Others 802 45.6
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 1776 40.0
    Not in the labour force 1473 33.2
    Employed, worked part-time 816 18.4
    Employed, away from work 209 4.7
    Unemployed, looking for work 161 3.6
    Person Characteristics
  • Census Count Percent(%)
    Professionals 399 14.3
    Technicians & trades workers 440 15.7
    Community & personal service workers 286 10.2
    Clerical & administrative workers 516 18.4
    Sales 301 10.8
    Others 858 30.6
    Occupation
    Census Count Percent(%)
    Pre-school 59 5.6
    Infants/Primary 325 30.9
    Secondary 332 31.5
    Technical or Further Educational Institution 116 11.0
    University or other Tertiary Institutions 176 16.7
    Others 45 4.3
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 4687 89.0
    Semi-detached, row or terrace house, townhouse 557 10.6
    Flat, unit or apartment 19 0.4
    House or flat attached to a shop, office 5 0.1
    Caravan, cabin, houseboat 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Being purchased 772 40.5
    Fully owned 761 39.9
    Rented 363 19.0
    Other tenure type 11 0.6
    Tenure Type
Census 2011, ABS
Chart Table
Recent sales & rentals