At number 3075th 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 -1.38% recorded in median house prices.
When looking at the potential capital gains offered to property investors over the last 3 years, Warrnambool comes in at number 617th in VIC.
Our latest figures would indicate that property sellers in Warrnambool are currently offering property investors an average price cut of -6.59% below the asking price at the moment.
In the last year 458 properties changed hands in Warrnambool, which puts it as the 15th most active market in VIC when comparing the number of sales per suburb.
Giving property investors a an unimpressive capital gain of 1.07% for the last year, Warrnambool, 3280 is the 1076th highest performer in Australia in this respect.
Warrnambool,3280 has offered an average of 1.07% return per annum in house price rises to property investors over the last three years.
At number 45th of VIC’s most discounted properties, Warrnambool is in the bottom 20% of the state/territory when listing in order of most discounted to least.
In the last year 98 properties changed hands in Warrnambool, which puts it as the 85th most active market in VIC when comparing the number of sales per suburb.
Using the current median advertised rental of $250 and the average annual increase in value of a median property of 2.40%, investors should hope to achieve an overall return of 5.00%
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.