Suburb Profile Report for Narre Warren VIC (3805)

Narre Warren House: Median price $490,000, Annual capital growth 6.68%, Number of sales 412, Weekly median advertised rent $350

Narre Warren Unit: Median price $337,000, Annual capital growth 5.04%, Number of sales 44, Weekly median advertised rent $310

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

Source: CoreLogic

  • House Report
  • Unit Report
  • Expert Report

Narre Warren has had a pretty good year for property investment returns compared to the rest of VIC, giving investors a capital gain of 12.64% to date .

A 35.36% growth in median value for property investors in Narre Warren,3805 puts this suburb at number 229th in terms of best performing suburbs in VIC

Our latest figures would indicate that property sellers in Narre Warren are currently offering property investors an average price cut of -3.82% below the asking price at the moment.

Narre Warren, 3805’s gross rental yield is 3.71%

Over the last year, property investments in Narre Warren, 3805 have given investors a capital gain of 5.31%. This compares favourably with the 2.98% for VIC as a whole.

While Narre Warren,3805 ranked number 103th in VIC for increase in median house value (annualised) increase, it is ranked 159th over the last 5 years.

Property investors looking for a bargain in Narre Warren should be aiming for at least -3.04% off the asking price, which is the average vendor discount being achieved at the moment.

A $310 per week rent on the median house gives suburb investors a gross yield of circa 4.78%, without taking into account capital value appreciation, which has been averaging out at 5.04%.

YIP MAG Information supplied by:

YIP MAG
November 2016

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An explosion of new housing development in the local area has seen 400 houses moving through the market over the past 12 months, and demand seems to be high as properties are only up for sale for an average of 29 days.Full summary Once a rural town, Narre Warren now has a population of 30,000 and is considered part of the major growth corridor in Melbourne’s southeast region.

While the suburb is 38km from the Melbourne CBD, commuters can access the city via the Monash Freeway or from the Narre Warren train station.

Attractive to families for its schools and parks, Narre Warren is home to one of Australia’s largest shopping centres, Westfield Fountain Gate, located in the heart of the commercial precinct.

An explosion of new housing development in the local area has seen 400 houses moving through the market over the past 12 months, and demand seems to be high as properties are only up for sale for an average of 29 days.

This new momentum in the house market has produced a steady climb of 23% growth over the past five years. The median of $455,000 is lower than in its neighbouring Narre Warren North and South suburbs and is attractive to investors looking to cash in on a 4% rental return.Close
HOUSE UNIT
$490,000 $337,000
3.16% 2.12%
12.64% 5.31%
6.68% 5.04%
$350 $310
412 44
3.71% 4.78%
30.43 57.41

Source: CoreLogic

DSR Score for property investment : Above average (U), Good (H)
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Demographics
Total population 25882
Median household income ($/weekly) 1271
Median age of persons 34
Median housing loan repayment ($/monthly) 1600
Average household size 2.9
  • Census Count Percent(%)
    5-14 years 3975 15.4
    25-34 years 3527 13.6
    35-44 years 4176 16.1
    45-54 years 3733 14.4
    55-64 years 2472 9.6
    Others 7999 30.9
    Age Group
    Census Count Percent(%)
    Registered Married 9717 51.5
    Not Married 7637 40.5
    Defacto Relationship 1509 8.0
    Social Marital Status
  • Census Count Percent(%)
    Australia 16238 65.5
    Indonesia 944 3.8
    Sri Lanka 687 2.8
    United Kingdom 1071 4.3
    Other 2454 9.9
    Others 3409 13.7
    Country of Birth
    Census Count Percent(%)
    Buddhism 999 4.2
    Christianity 15198 63.7
    Hinduism 663 2.8
    Islam 1459 6.1
    No Religion 5068 21.3
    Others 461 1.9
    Religious Affiliation
  • Census Count Percent(%)
    $800-$999 762 9.9
    $1,000-$1,249 834 10.9
    $1,250-$1,499 791 10.3
    $1,500-$1,999 1308 17.1
    $2,000-$2,499 894 11.7
    Others 3071 40.1
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 8116 42.2
    Not in the labour force 6062 31.5
    Employed, worked part-time 3560 18.5
    Unemployed, looking for work 773 4.0
    Employed, away from work 711 3.7
    Person Characteristics
  • Census Count Percent(%)
    Professionals 1551 12.5
    Technicians & trades workers 2298 18.6
    Clerical & administrative workers 1990 16.1
    Sales 1409 11.4
    Labourers 1382 11.2
    Others 3756 30.3
    Occupation
    Census Count Percent(%)
    Pre-school 447 6.7
    Infants/Primary 2474 37.0
    Secondary 2104 31.5
    Technical or Further Educational Institution 670 10.0
    University or other Tertiary Institutions 757 11.3
    Others 227 3.4
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 23703 95.6
    Flat, unit or apartment 510 2.1
    Semi-detached, row or terrace house, townhouse 455 1.8
    Caravan, cabin, houseboat 121 0.5
    Improvised home, tent, sleepers out 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Being purchased 4351 52.1
    Fully owned 2079 24.9
    Rented 1883 22.5
    Other tenure type 38 0.5
    Tenure Type
Census 2011, ABS
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Recent sales & rentals