Suburb Profile Report for Tarneit VIC (3029)

Tarneit House: Median price $550,000, Annual capital growth 6.40%, Number of sales 626, Weekly median advertised rent $380

Tarneit Unit: Median price $380,000, Annual capital growth 5.18%, Number of sales 43, Weekly median advertised rent $345

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

Property value increases in Tarneit have tracked just higher than the VIC average of 8.62% over the last 12 months.

A 54.06% growth in median value for property investors in Tarneit,3029 puts this suburb at number 184th in terms of best performing suburbs in VIC

State is the 7th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.19% offered to property buyers. Sellers in Tarneit itself are offering an average vendor discount of -3.87% to real estate investors.

With the median price for a house in Tarneit being $550000 and the advertised rent reaching $380 the gross rental yield for property investors calculates out to be 3.59%

At number 475th 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 8.57% recorded in median house prices.

Comparing Tarneit,3029 ‘s 5year and quarterly average capital gain offered to property investors, it performed less well across the longer period

At number 228th of VIC’s most discounted properties, Tarneit is in the TOP 30% of the state/territory when listing in order of most discounted to least.

In the last year 43 properties changed hands in Tarneit, which puts it as the 177th most active market in VIC when comparing the number of sales per suburb.

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February 2018

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

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.

Close
Metrics i HOUSE UNIT
$550,000 $380,000
2.80% 0.40%
12.24% 8.57%
6.40% 5.18%
$380 $345
626 43
3.59% 4.72%
46.27 63.37

Source: CoreLogic

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