Suburb Profile Report for Redan VIC (3350)

Redan House: Median price $254,000, Annual capital growth 3.42%, Number of sales 65, Weekly median advertised rent $250

Redan Unit: Median price $205,000, Annual capital growth 4.12%, Number of sales 23, Weekly median advertised rent $228

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

Source: CoreLogic

  • House Report
  • Unit Report

Giving property investors a an unimpressive capital gain of 2.01% for the last year, Redan, 3350 is the 2554th highest performer in Australia in this respect.

Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Redan has increased when compared to the 5 year average annual rate.

Our latest figures would indicate that property sellers in Redan are currently offering property investors an average price cut of -7.15% below the asking price at the moment.

The VIC suburb of Redan, 3350 is in the Ballarat local government area.

Investment property in Redan has done pretty poorly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of -1.44%

Comparing Redan,3350 ‘s 5year and quarterly average capital gain offered to property investors, it performed less well across the longer period

LACK OF BUYER INTEREST may well be the reason that Redan is offering property investors an average of -5.12. This rate of discount on properties puts Suburb at number 202th in terms of most discounted suburbs in VIC

At number 1284 in a list of fastest selling suburbs, Redan is in the bottom 20% of suburbs in Australia with an average of days on market 114.47 for properties listed there.

With the median price for a house in Redan being $205000 and the advertised rent reaching $227.5 the gross rental yield for property investors calculates out to be 5.77%

HOUSE UNIT
$254,000 $205,000
1.60% -2.38%
2.01% -1.44%
3.42% 4.12%
$250 $228
65 23
5.12% 5.77%
86.43 114.47

Source: CoreLogic

DSR Score for property investment : Above average (U), Good (H)
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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