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 -1.08%.
When looking at the potential capital gains offered to property investors over the last 3 years, Warrnambool comes in at number 668th in VIC.
Property investors looking for a bargain in Warrnambool should be aiming for at least -5.55% off the asking price, which is the average vendor discount being achieved at the moment.
Using the current median advertised rental of $330 and the average annual increase in value of a median property of 1.43%, investors should hope to achieve an overall return of 5.35%
VIC has seen average median house prices change by 5.66% which means that Warrnambool, 3280 has done well for property investors by showing a capital gain of -4.62% over the last year
Across a shorter period, Warrnambool, 3280 has seen a median price increase of 1.22% over the last quarter.
Property buyers and investors in Warrnambool 3280 should be seeing an average reduction in asking price of around -5.17% . This means that Warrnambool is holding prices well when compared to other suburbs in VIC.
Advertised rents are around the $255 mark per week – giving a return of 5.35% based on the median price in Suburb
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.