Warrnambool is in the bottom 10% in VIC when comparing median price capital growth over the last year. Warrnambool gave property investors a dismal capital gain figure when compared to the rest of the state, with -3.03%.
Warrnambool,3280 was ranked 3160 in Australia by increase in median property value over the quarter.
LACK OF BUYER INTEREST may well be the reason that Warrnambool is offering property investors an average of -6.04. This rate of discount on properties puts Suburb at number 242th in terms of most discounted suburbs in VIC
Often selling an investment property can take time, and in Warrnambool the average time real estate has been on the market is 100.82 days.
Warrnambool, 3280’s gross rental yield is 5.20%
Over the last year, property investments in Warrnambool, 3280 have given investors a capital gain of 0.38%. This compares badly with the 3.19% for VIC as a whole.
If we look at median property appreciation over just the last three months, Warrnambool has given property investors a paper return of 0.00%. This puts Suburb as 192 on a list of fastest fasting appreciating suburbs in VIC
State is the 6th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.14% offered to property buyers. Sellers in Warrnambool itself are offering an average vendor discount of -7.71% to real estate investors.
A $250 per week rent on the median house gives suburb investors a gross yield of circa 5.00%, without taking into account capital value appreciation, which has been averaging out at 2.15%.
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.