Suburb Profile Report for Colac VIC (3250)

Colac House: Median price $259,500, Annual capital growth 3.08%, Number of sales 178, Weekly median advertised rent $270

Colac Unit: Median price $270,000, Annual capital growth 4.73%, Number of sales 21, Weekly median advertised rent $238

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

Source: CoreLogic

  • House Report
  • Unit Report
  • Expert Report

Colac is in the bottom 30% in VIC when comparing median price capital growth over the last year. Colac gave property investors a disappointing capital gain figure when compared to the rest of the state, with 3.80%.

A 20.00% growth in median value for property investors in Colac,3250 puts this suburb at number 492th in terms of best performing suburbs in VIC

Vendor discounting in Colac is giving property investors an average Vendor Discount of around -4.39%. This puts suburb at number 455th in VIC when ranking the most discounted suburbs.

With the median price for a house in Colac being $259500 and the advertised rent reaching $270 the gross rental yield for property investors calculates out to be 5.41%

Investment property in Colac has done well for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 35.00%

When looking at the potential capital gains offered to property investors over the last 3 years, Colac comes in at number 183th in VIC.

The most recent median price for Colac is $270000, with sellers offering an average of -4.66% off the asking price.

Residents and property investors in Colac have been waiting around 87.26 days to sell a property.

Troy Kincaid Information supplied by:

Troy Kincaid
HF Richardson

M 0352321800
O 0417312781

W www.hfrichardson.com.au
E troy@hfrichardson.com.au
VIC has seen average median house prices change by 0.13% which means that Colac, 3250 has done well for property investors by showing a capital gain of 2.51% over the last year.

Colac, 3250 was ranked 2081 in Australia by increase in median property value over the quarter.

Property investors looking for a bargain in Colac should be aiming for at least -7.00% off the asking price, which is the average vendor discount being achieved at the moment.

Population is approx 12,000 people and has approx 4,000 homes offers great schools, upgraded hospital, train station, fabulous shopping, cafes and restaurants. Full summary
VIC has seen average median house prices change by 0.13% which means that Colac, 3250 has done well for property investors by showing a capital gain of 2.51% over the last year.
 
Colac, 3250 was ranked 2081 in Australia by increase in median property value over the quarter.
 
Property investors looking for a bargain in Colac should be aiming for at least -7.00% off the asking price, which is the average vendor discount being achieved at the moment.
 
Population is approx 12,000 people and has approx 4,000 homes offers great schools, upgraded hospital, train station, fabulous shopping, cafes and restaurants. 
 
Selling points: Colac is a fabulous town and location is one of its benefits situated one and a half hours from Melbourne, 45 minutes to Geelong and the surf coast.
 
Most sought-after properties: Colac medium price is under $250,000 and is affordable for families to buy and live in Colac and district.
 
Most common properties:   3 Bedroom properties make up 70% of our market
 
Top amenities: Schools, Hospital, Nursing homes, Ambulance,  SES service, Fire brigade, Police Station, Colanda (Disability facility) sporting facility, golf course, race course, football & netball ground, Water skiing, sailing, rowing (on lake Colac) indoor tennis & cricket centre, tenpin bowling, rifle range, fishing club.  
 
Local industry and business: Regal ice cream, Bull foods, AKD (Timber processing plant), CRF (Food processing plant), Fonterra (Dairy processing plant) Mitre 10, Home hardware, Holden, Ford, Mitsubishi, Toyota, Nissan, Farm machinery dealers, Trucking depot (Wettenhalls group), McDonalds, KFC and Red rooster. 
 
Recent changes: Roads (Upgrading to a dual highway from Colac to Geelong),  natural gas connection, School upgrades, Nursing & Hospital facilities upgrade and also Fire & Ambulance services.
 
Best streets: Most people like to live on the north side of Murray Street.
 
Public transport: Colac has its own town bus that travels throughout Colac and Elliminyt. Has a train station that commutes daily to Melbourne. Taxi service.
 
Main arteries: Main routes from Colac are the princes Hwy that runs through the town centre. Also Colac-Lavers hill Road that is one the way to the Great Ocean Road.  
Close
HOUSE UNIT
$259,500 $270,000
0.39% 8.87%
3.80% 35.00%
3.08% 4.73%
$270 $238
178 21
5.41% 4.57%
81.34 87.26

Source: CoreLogic

DSR Score for property investment : Balanced (U), Good (H)
Find a mortgage broker in Colac VIC
Demographics
Total population 8696
Median household income ($/weekly) 834
Median age of persons 40
Median housing loan repayment ($/monthly) 1144
Average household size 2.2
  • Census Count Percent(%)
    5-14 years 1044 12.0
    25-34 years 1026 11.8
    35-44 years 994 11.4
    45-54 years 998 11.5
    55-64 years 978 11.2
    Others 3657 42.0
    Age Group
    Census Count Percent(%)
    Not Married 2940 46.6
    Registered Married 2698 42.8
    Defacto Relationship 665 10.6
    Social Marital Status
  • Census Count Percent(%)
    Australia 7711 93.0
    Croatia 43 0.5
    Papua New Guinea 84 1.0
    United Kingdom 170 2.1
    Other 96 1.2
    Others 184 2.2
    Country of Birth
    Census Count Percent(%)
    Buddhism 40 0.5
    Christianity 5667 72.6
    Islam 26 0.3
    Other Religious Groups 14 0.2
    No Religion 2047 26.2
    Others 16 0.2
    Religious Affiliation
  • Census Count Percent(%)
    $300-$399 412 12.8
    $400-$599 503 15.6
    $600-$799 414 12.8
    $800-$999 383 11.9
    $1,000-$1,249 347 10.7
    Others 1169 36.2
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Not in the labour force 2865 42.4
    Employed, worked full-time 2150 31.8
    Employed, worked part-time 1289 19.1
    Employed, away from work 284 4.2
    Unemployed, looking for work 174 2.6
    Person Characteristics
  • Census Count Percent(%)
    Professionals 416 11.2
    Technicians & trades workers 554 14.9
    Community & personal service workers 476 12.8
    Sales 414 11.1
    Labourers 789 21.2
    Others 1071 28.8
    Occupation
    Census Count Percent(%)
    Pre-school 143 8.7
    Infants/Primary 617 37.5
    Secondary 554 33.7
    Technical or Further Educational Institution 157 9.5
    University or other Tertiary Institutions 104 6.3
    Others 69 4.2
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 7316 91.2
    Flat, unit or apartment 348 4.3
    Semi-detached, row or terrace house, townhouse 312 3.9
    Caravan, cabin, houseboat 28 0.3
    House or flat attached to a shop, office 14 0.2
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Fully owned 1389 40.4
    Being purchased 1011 29.4
    Rented 1003 29.2
    Other tenure type 37 1.1
    Tenure Type
Census 2011, ABS
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