Suburb Profile Report for Tarneit VIC (3029)

Tarneit House: Median price $561,000, Annual capital growth 6.53%, Number of sales 660, Weekly median advertised rent $390

Tarneit Unit: Median price $385,100, Annual capital growth 4.90%, Number of sales 27, Weekly median advertised rent $350

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

Source: Monthly data update for May 2019 as supplied by CoreLogic. Data is reported to the period ending Feb 2019. Please note that property sales data is routinely updated, so may change retrospectively.

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  • House Report
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At number 835th in the list of Australian suburbs ordered by increase in median house value over the last year, Tarneit, 3029 is in the top 20% with a property value increase of 9.71% recorded in median house prices.

Tarneit,3029 has offered an average of 9.71% return per annum in house price rises to property investors over the last three years.

Sellers are offering property buyers an average discount of -7.06% to buyers in Tarneit at the moment, which is less than average for the rest of VIC.

A $390 per week rent on the median house gives suburb investors a gross yield of circa 3.59%, without taking into account capital value appreciation, which has been averaging out at 6.71%.

At number 418th in the list of Australian suburbs ordered by increase in median house value over the last year, Tarneit, 3029 is in the top 30% with a property value increase of 6.13% recorded in median house prices.

The five-year average increase in median property values for Tarneit,3029 has given property investors a potential capital gain of 34.92% across each of those five years.

LACK OF BUYER INTEREST may well be the reason that Tarneit is offering property investors an average of -5.13. This rate of discount on properties puts Suburb at number 22th in terms of most discounted suburbs in VIC

With the median price for a house in Tarneit being $398000 and the advertised rent reaching $350 the gross rental yield for property investors calculates out to be 4.57%

Information supplied by:


February 2018

M
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Wyndham City suburb is tight

Postcode: 3029

Median unit price: $365,000

Vacancy rate: 1.7%

Three-year growth: 19.7%

A rapidly growing suburb 7km from Werribee, Tarneit’s falling vacancy rate is representing its new popularity.

The average vacancy rate slipped from an already-low 1.8% to just 1.7% in the past 12 months leading up to November 2017. This could be due in part to the suburb’s affordability – apartments sell for a median price of $365,000. Moreover, it has strong growth potential, with much positive growth over the most recent five-year period. Rental yields are also reasonable at 4.6%.

Once mainly an agricultural area, Tarneit has been undergoing gentrification. It is the site of several schools, including Thomas Carr College, Baden Powell Prep and the Islamic College of Melbourne. Tarneit Central Shopping Centre was recently opened, and contains a supermarket.

Metrics i HOUSE UNIT
$561,000 $385,100
-1.32% -5.50%
6.86% 2.01%
6.53% 4.90%
$390 $350
660 27
3.61% 4.73%
57.059544 64.85714

Source: Monthly data update for May 2019 as supplied by CoreLogic. Data is reported to the period ending Feb 2019. Please note that property sales data is routinely updated, so may change retrospectively.

DSR Score for property investment : Good (H), Good (U)
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Demographics
Total population 21690
Median household income ($/weekly) 1563
Median age of persons 29
Median housing loan repayment ($/monthly) 2000
Average household size 3.1
  • Census Count Percent(%)
    0-4 years 2463 11.4
    5-14 years 3389 15.6
    25-34 years 5050 23.3
    35-44 years 3741 17.2
    45-54 years 2084 9.6
    Others 4963 22.9
    Age Group
    Census Count Percent(%)
    Registered Married 8071 54.8
    Not Married 5094 34.6
    Defacto Relationship 1572 10.7
    Social Marital Status
  • Census Count Percent(%)
    Australia 11852 58.0
    Indonesia 1704 8.3
    Papua New Guinea 1017 5.0
    Philippines 969 4.7
    Other 1787 8.7
    Others 3103 15.2
    Country of Birth
    Census Count Percent(%)
    Buddhism 627 3.2
    Christianity 12076 60.8
    Hinduism 1535 7.7
    Islam 1654 8.3
    No Religion 3521 17.7
    Others 443 2.2
    Religious Affiliation
  • Census Count Percent(%)
    $1,000-$1,249 621 10.2
    $1,250-$1,499 648 10.6
    $1,500-$1,999 1157 19.0
    $2,000-$2,499 918 15.1
    $2,500-$2,999 557 9.1
    Others 2189 35.9
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 7448 49.9
    Not in the labour force 3677 24.6
    Employed, worked part-time 2518 16.9
    Unemployed, looking for work 700 4.7
    Employed, away from work 587 3.9
    Person Characteristics
  • Census Count Percent(%)
    Managers 1005 9.5
    Professionals 1786 16.9
    Technicians & trades workers 1507 14.3
    Clerical & administrative workers 1885 17.9
    Machinery operators & drivers 1152 10.9
    Others 3215 30.5
    Occupation
    Census Count Percent(%)
    Pre-school 468 8.5
    Infants/Primary 2194 39.9
    Secondary 1401 25.5
    Technical or Further Educational Institution 437 7.9
    University or other Tertiary Institutions 741 13.5
    Others 258 4.7
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 19745 95.9
    Semi-detached, row or terrace house, townhouse 766 3.7
    Flat, unit or apartment 65 0.3
    House or flat attached to a shop, office 3 0.0
    Caravan, cabin, houseboat 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Being purchased 3903 59.4
    Rented 1848 28.1
    Fully owned 750 11.4
    Other tenure type 71 1.1
    Tenure Type
Census 2011, ABS
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