If you compare the increase in value of investment property in Warrnambool, 3280 to the rest of Australia, it performed somewhat poorly. The median increase in value, or capital gain property investors experienced for this VIC suburb was 0.00%.
A 1.56% growth in median value for property investors in Warrnambool,3280 puts this suburb at number 542th in terms of best performing suburbs in VIC
Our latest figures would indicate that property sellers in Warrnambool are currently offering property investors an average price cut of -5.92% below the asking price at the moment.
Residents and property investors in Warrnambool have been waiting around 101.97 days to sell a property.
Property investors who have had real estate in Warrnambool, 3280 should be unhappy with this VIC suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices decrease in value by -5.77%
A -0.91% growth in median value for property investors in Warrnambool,3280 puts this suburb at number 285th in terms of best performing suburbs in VIC
Property buyers and investors in Warrnambool 3280 should be seeing an average reduction in asking price of around -6.39% . This means that Warrnambool is holding prices well when compared to other suburbs in VIC.
Warrnambool, 3280’s gross rental yield is 5.31%
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.