Suburb Profile Report for Morwell VIC (3840)

Morwell House: Median price $153,000, Annual capital growth 2.61%, Number of sales 243, Weekly median advertised rent $205

Morwell Unit: Median price $172,000, Annual capital growth 2.21%, Number of sales 31, Weekly median advertised rent $170

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

Source: CoreLogic

  • House Report
  • Unit Report
  • Expert Report

With a capital gain of 5.52% for the last 12 months, Morwell, 3840 has performed for property investments than its average annual 2.61% property growth over the last 5 years.

While Morwell,3840 ranked number 253th in VIC for increase in median house value (annualised) increase, it is ranked 608th over the last 5 years.

The most recent median price for Morwell is $153000, with sellers offering an average of -10.24% off the asking price.

In the last year 243 properties changed hands in Morwell, which puts it as the 84th most active market in VIC when comparing the number of sales per suburb.

Morwell is an average performer in VIC when comparing median price capital growth over the last year. Morwell gave property investors a good capital gain figure when compared to the rest of the state, with 7.50%.

A -2.82% growth in median value for property investors in Morwell,3840 puts this suburb at number 125th in terms of best performing suburbs in VIC

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 Morwell, 3840. Typically our figures indicate that -8.47% is being offered, which puts this VIC suburb at 119th most discounted overall in Australia.

Residents and property investors in Morwell have been waiting around 141.65 days to sell a property.

Situated 135.79km from the CBD, Morwell is one of Latrobe localities in the postcode 3840.

Alan McFarlane Information supplied by:

Alan McFarlane
Keith Williams Estate Agency

M 0412 594 469
O (03) 5133 7777

Located in the heart of Victoria's Latrobe Valley, Morwell has a diverse population and offers a wide range of properties, which generally start at quite affordable prices.
Boasting a large shopping complex and quality educational facilities including private schools and Monash University, the suburb also features a good range of multi-cultural restaurants.
A regional hospital equipped with a cancer centre is among the suburb's major employers, as well as the power, paper and construction sectors.
The council has been hard at work in recent years improving the town and paving the way for multiple developments. Rezoning of large tracts of land to enable residential expansion has seen the construction of new estates, while street works have also enhanced the town's amenities. Melbourne, the snow, beaches and national parks are all accessible by short car trip.
Full summary

Selling points: Morwell is the geographic centre of the Latrobe Valley, with a population of approximately 80,000 and a very diverse community. It offers low cost housing, generally starting around $100,000, and has a high demand for rentals with a current vacancy rate at 1.5-2%.

Most sought after properties: Investment demand is generall:y focused on two and three-bedroom homes and units in the $100,000-180,000 range, where a gross rental return of around 7% can be achieved.

Most common properties: A range of property types characterise the suburb, including original 50 to 60-year-old homes surrounding the CBD, two and three-bedroom homes originally constructed by the government, newer homes built over the past 40 years, as the town has expanded; and pockets of units.

Top amenities: Being a regional centre, the Latrobe Valley offers good educational facilities including private schools, a TAFE and Monash University. Morwell’s Mid Valley Shopping Centre houses a Bunnings, Village cinemas, Big W, Target and a host of other shops.A leisure centre with heated pool and gym compliments a wide range of parks and sporting facilities available.

Latrobe Regional Hospital offers a range of specialist services and incorporates a cancer centre. Across the Latrobe Valley a good range of restaurants and eating places represent the multi-cultural mix of the community. Award winning wineries are within a short drive.

Local industry and business: Major employers include the power industry, a paper mill, construction sector, National Foods, Latrobe City Council and a newly-constructed Law Court. In addition, the service sector includes medical, educational and retail outlets. An aircraft production business based at the regional airport is one of the newer major employers.

Recent changes: The past 10 years have seen some major developments in Morwell, including the construction of a new council headquarters, a large community health facility and a multi-million dollar legal precinct, incorporating law courts and police headquarters in the CBD. Rezoning of large tracts of land to enable residential expansion has seen the construction of new estates. Streetscape works undertaken by the council have also enhanced the town.

Best streets: It is hard to choose between the streets. The mix of available properties means the best areas depend on what type of property an investor is seeking.

Public transport: Morwell has a very good in-town bus service, which links to major hubs like the Morwell CBD, Mid Valley Shopping Centre, Latrobe Regional Hospital and Traralgon, with a connection to Churchill and Monash University. A fast train to Melbourne provides regular services entailing a two-hour trip.

Main arteries: Morwell is situated on the Princes Highway, just under two hours from the Melbourne CBD (now all duplicated) and less than two hours from the Gippsland Lakes. Mt Baw Baw and its snow is less than an hour’s travel, as is the 90 mile beach. Other nearby attractions are Morwell National Park, Walhalla historic town and Tarra Bulga National Park.

$153,000 $172,000
2.00% 1.18%
5.52% 7.50%
2.61% 2.21%
$205 $170
243 31
6.97% 5.14%
107.78 141.65

Source: CoreLogic

DSR Score for property investment : Balanced (U), Balanced (H)
Find a mortgage broker in Morwell VIC
Total population 14005
Median household income ($/weekly) 732
Median age of persons 40
Median housing loan repayment ($/monthly) 990
Average household size 2.2
  • Census Count Percent(%)
    5-14 years 1663 11.9
    25-34 years 1574 11.2
    35-44 years 1676 12.0
    45-54 years 1824 13.0
    55-64 years 1663 11.9
    Others 5605 40.0
    Age Group
    Census Count Percent(%)
    Not Married 5019 49.4
    Registered Married 4163 41.0
    Defacto Relationship 978 9.6
    Social Marital Status
  • Census Count Percent(%)
    Australia 10646 81.9
    Japan 400 3.1
    Netherlands 145 1.1
    United Kingdom 599 4.6
    Other 368 2.8
    Others 848 6.5
    Country of Birth
    Census Count Percent(%)
    Buddhism 105 0.9
    Christianity 8412 68.2
    Islam 56 0.5
    Other Religious Groups 57 0.5
    No Religion 3673 29.8
    Others 31 0.3
    Religious Affiliation
  • Census Count Percent(%)
    $300-$399 675 13.3
    $400-$599 863 17.0
    $600-$799 682 13.4
    $800-$999 537 10.6
    $1,500-$1,999 427 8.4
    Others 1903 37.4
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Not in the labour force 5105 48.1
    Employed, worked full-time 2795 26.3
    Employed, worked part-time 1680 15.8
    Unemployed, looking for work 670 6.3
    Employed, away from work 371 3.5
    Person Characteristics
  • Census Count Percent(%)
    Professionals 571 11.8
    Technicians & trades workers 841 17.4
    Clerical & administrative workers 633 13.1
    Sales 563 11.6
    Labourers 753 15.5
    Others 1483 30.6
    Census Count Percent(%)
    Pre-school 180 6.7
    Infants/Primary 1006 37.3
    Secondary 800 29.6
    Technical or Further Educational Institution 392 14.5
    University or other Tertiary Institutions 213 7.9
    Others 108 4.0
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 11590 90.3
    Flat, unit or apartment 927 7.2
    Semi-detached, row or terrace house, townhouse 294 2.3
    House or flat attached to a shop, office 19 0.1
    Caravan, cabin, houseboat 12 0.1
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Fully owned 2059 37.5
    Rented 1858 33.8
    Being purchased 1551 28.2
    Other tenure type 26 0.5
    Tenure Type
Census 2011, ABS
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