Property value increases in Warrnambool have tracked lower than the VIC average of 8.96% over the last 12 months.
Across a shorter period, Warrnambool, 3280 has seen a median price increase of 1.25% over the last quarter.
At number 238th of VIC’s most discounted properties, Warrnambool is in the bottom 40% of the state/territory when listing in order of most discounted to least.
Property investors should expect to get $320 weekly from the median priced house in this suburb.
At number 1271th in the list of Australian suburbs ordered by increase in median house value over the last year, Warrnambool, 3280 is in the BOTTOM 30% with a property value increase of -2.34% recorded in median house prices.
Taking the average capital gain, or increase in median house value, Warrnambool,3280 has racked up an average of -2.34% over the period. This ranks it number 1533th in the whole country for real estate investors looking at median house price increases.
The most recent median price for Warrnambool is $250000, with sellers offering an average of -7.30% off the asking price.
With the median price for a house in Warrnambool being $250000 and the advertised rent reaching $250 the gross rental yield for property investors calculates out to be 5.20%
Located in the western corner of the Great Ocean Road, Warrnambool is becoming more than just a pretty tourist town, says PRDnationwide analyst Dan O’Halloran. Full summary
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Located in the western corner of the Great Ocean Road, Warrnambool is becoming more than just a pretty tourist town, says PRDnationwide analyst Dan O’Halloran.
“While a strong alliance with the more traditional dairy industry still remains well ingrained within the community, at present there is huge interest being shown to alternative energy projects in the surrounding Warrnambool area, with over $3.5bn worth of privately funded projects either developed or in the pipeline. This level of development is creating expanding employment and investment opportunities in the region and is sure to result in strong property returns in coming years,” he says.
“Warrnambool’s median unit sale price has remained strong, and highlights the growing demand for well positioned, low maintenance style dwellings in the suburb. Warrnambool’s unit market is set to perform well for inventors focused on the medium term.”
According to the city’s growth director Bill Millard, Warrnambool’s rate of annual population increase over the past five years of 1.8% compares well with other Victorian regional centres such as Ballarat (2%) and Bendigo (1.9%), while labour force growth over the past four years has reached an equally strong 3.4% – or 2,500 jobs.
Warrnambool’s unit market is currently dominated by good sized, single storey two-bedroom brick properties – often with a garage. There’s also a good selection of smaller, but more centrally located, two-bedroom apartments on offer. To give an example of the entry price, listings at the time of writing included a $149,000 two-bedroom, one-bathroom unit close to the St John of God Hospital – which offered a 5.7% gross yield.