Suburb Profile Report for Redan VIC (3350)

Redan House: Median price $250,000, Annual capital growth 3.25%, Number of sales 66, Weekly median advertised rent $250

Redan Unit: Median price $209,000, Annual capital growth 3.83%, Number of sales 25, Weekly median advertised rent $230

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: CoreLogic

  • House Report
  • Unit Report

If you compare the increase in value of investment property in Redan, 3350 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 -0.59%.

Across a shorter period, Redan, 3350 has seen a median price increase of 0.00% over the last quarter.

Sellers are offering property buyers an average discount of -7.11% to buyers in Redan at the moment, which is less than average for the rest of VIC.

At number 2007 in a list of fastest selling suburbs, Redan is just in the bottom half of suburbs in Australia with an average of days on market 85.08 for properties listed there.

Using the current median advertised rental of $250 and the average annual increase in value of a median property of 3.25%, investors should hope to achieve an overall return of 5.20%

Redan, 3350 ranked 234th in VIC when comparing growth in median property values or capital gain over the last 12 months. Redan is one of 2098 in our list for VIC

While Redan,3350 ranked number 232th in VIC for increase in median house value (annualised) increase, it is ranked 290th over the last 5 years.

When looking to buy, or assessing what properties are really achieving at sale, it's essential for property investors to take into account what discounts are being offered in Redan, 3350. Typically our figures indicate that -4.88% is being offered, which puts this VIC suburb at 806th most discounted overall in Australia.

Advertised rents are around the $230 mark per week – giving a return of 5.72% based on the median price in Suburb

HOUSE UNIT
$250,000 $209,000
0.00% -0.48%
-0.59% 0.48%
3.25% 3.83%
$250 $230
66 25
5.20% 5.72%
85.08 126

Source: CoreLogic

DSR Score for property investment : Good (H), Above average (U)
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Demographics
Total population 2975
Median household income ($/weekly) 734
Median age of persons 38
Median housing loan repayment ($/monthly) 1105
Average household size 2
  • Census Count Percent(%)
    5-14 years 285 9.6
    25-34 years 452 15.2
    35-44 years 354 11.9
    45-54 years 392 13.2
    55-64 years 371 12.5
    Others 1121 37.7
    Age Group
    Census Count Percent(%)
    Not Married 1291 56.3
    Registered Married 712 31.0
    Defacto Relationship 292 12.7
    Social Marital Status
  • Census Count Percent(%)
    Australia 2575 91.9
    New Zealand 15 0.5
    Papua New Guinea 19 0.7
    United Kingdom 78 2.8
    Other 46 1.6
    Others 70 2.5
    Country of Birth
    Census Count Percent(%)
    Buddhism 22 0.8
    Christianity 1752 65.7
    Islam 14 0.5
    Other Religious Groups 22 0.8
    No Religion 843 31.6
    Others 13 0.5
    Religious Affiliation
  • Census Count Percent(%)
    $300-$399 188 15.0
    $400-$599 189 15.0
    $600-$799 168 13.4
    $800-$999 151 12.0
    $1,000-$1,249 115 9.2
    Others 445 35.4
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Not in the labour force 969 41.2
    Employed, worked full-time 755 32.1
    Employed, worked part-time 437 18.6
    Employed, away from work 107 4.6
    Unemployed, looking for work 83 3.5
    Person Characteristics
  • Census Count Percent(%)
    Professionals 228 17.6
    Technicians & trades workers 226 17.5
    Community & personal service workers 159 12.3
    Clerical & administrative workers 180 13.9
    Labourers 165 12.8
    Others 335 25.9
    Occupation
    Census Count Percent(%)
    Pre-school 42 6.8
    Infants/Primary 178 29.0
    Secondary 152 24.8
    Technical or Further Educational Institution 76 12.4
    University or other Tertiary Institutions 140 22.8
    Others 26 4.2
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 2203 78.5
    Flat, unit or apartment 423 15.1
    Semi-detached, row or terrace house, townhouse 179 6.4
    Caravan, cabin, houseboat 0 0.0
    Improvised home, tent, sleepers out 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Rented 596 44.8
    Fully owned 372 27.9
    Being purchased 357 26.8
    Other tenure type 6 0.5
    Tenure Type
Census 2011, ABS
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Recent sales & rentals