Property value increases in Warrnambool have tracked lower than the VIC average of 9.78% over the last 12 months.
Across a shorter period, Warrnambool, 3280 has seen a median price increase of 0.08% over the last quarter.
The most recent median price for Warrnambool is $320250, with sellers offering an average of -5.70% off the asking price.
Residents and property investors in Warrnambool have been waiting around 100.09 days to sell a property.
Warrnambool, 3280 ranked 311th in VIC when comparing growth in median property values or capital gain over the last 12 months. Warrnambool is one of 2098 in our list for VIC
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Warrnambool has fallen somewhat when compared to the 5 year average annual rate.
LACK OF BUYER INTEREST may well be the reason that Warrnambool is offering property investors an average of -4.95. This rate of discount on properties puts Suburb at number 39th in terms of most discounted suburbs in VIC
Using the current median advertised rental of $250 and the average annual increase in value of a median property of 1.07%, investors should hope to achieve an overall return of 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
Information supplied by:
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.