Investment property in Warrnambool has done poorly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of -4.05%
A -0.16% growth in median value for property investors in Warrnambool,3280 puts this suburb at number 550th in terms of best performing suburbs in VIC
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 Warrnambool, 3280. Typically our figures indicate that -6.03% is being offered, which puts this VIC suburb at 1847th most discounted overall in Australia.
Over the last year, property investments in Warrnambool, 3280 have given investors a capital gain of -3.75%. This compares very badly with the 2.98% for VIC as a whole.
Warrnambool,3280 was ranked 1478 in Australia by increase in median property value over the quarter.
Property investors looking for a bargain in Warrnambool should be aiming for at least -7.53% off the asking price, which is the average vendor discount being achieved at the moment.
Often selling an investment property can take time, and in Warrnambool the average time real estate has been on the market is 131.71 days.
Situated 221.37km from the CBD, Warrnambool is one of Warrnambool localities in the postcode 3280.
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.