Suburb Profile Report for Westmeadows VIC (3049)

Westmeadows House: Median price $552,000, Annual capital growth 7.82%, Number of sales 76, Weekly median advertised rent $360

Westmeadows Unit: Median price $430,000, Annual capital growth 4.73%, Number of sales 29, Weekly median advertised rent $368

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

Source: CoreLogic

  • House Report
  • Unit Report

VIC has seen average median house prices change by 11.00% which means that Westmeadows, 3049 has done well for property investors by showing a capital gain of 13.23% over the last year

If we look at median property appreciation over just the last three months, Westmeadows has given property investors a paper return of 4.64%. This puts Suburb as 159 on a list of fastest fasting appreciating suburbs in VIC

LACK OF BUYER INTEREST may well be the reason that Westmeadows is offering property investors an average of -5.26. This rate of discount on properties puts Suburb at number 18th in terms of most discounted suburbs in VIC

On average over the past year, suburb has had 6.33 sales per month, which equates to 76 per year.

A $360 per week rent on the median house gives suburb investors a gross yield of circa 3.39%, without taking into account capital value appreciation, which has been averaging out at 7.82%.

Investment property in Westmeadows has done not badly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 12.86%

Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Westmeadows has increased when compared to the 5 year average annual rate.

Property buyers and investors in Westmeadows 3049 should be seeing an average reduction in asking price of around -4.17% . This means that Westmeadows is holding prices well when compared to other suburbs in VIC.

Renters in Suburb are facing rents around $4410 per annum or $367.5 every week.

Metrics i HOUSE UNIT
$552,000 $430,000
4.64% 6.17%
13.23% 12.86%
7.82% 4.73%
$360 $368
76 29
3.39% 4.44%
39.12 49.21

Source: CoreLogic

DSR Score for property investment : Very 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