Suburb Profile Report for Tarneit VIC (3029)

Tarneit House: Median price $535,000, Annual capital growth 6.21%, Number of sales 741, Weekly median advertised rent $380

Tarneit Unit: Median price $378,500, Annual capital growth 5.18%, Number of sales 57, Weekly median advertised rent $340

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

Source: CoreLogic

  • House Report
  • Unit Report
  • Expert Report

Investment property in Tarneit has done well for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 14.99%

Across a shorter period, Tarneit, 3029 has seen a median price increase of 1.90% over the last quarter.

At number 478th 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.

A $380 per week rent on the median house gives suburb investors a gross yield of circa 3.69%, without taking into account capital value appreciation, which has been averaging out at 6.21%.

Property investors who have had real estate in Tarneit, 3029 should be relatively pleased with this VIC suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices increase in value by 11.65%

A 31.65% growth in median value for property investors in Tarneit,3029 puts this suburb at number 220th in terms of best performing suburbs in VIC

Our latest figures would indicate that property sellers in Tarneit are currently offering property investors an average price cut of -3.25% below the asking price at the moment.

Information supplied by:


February 2018

M
O

W
E
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
$535,000 $378,500
1.90% 0.93%
14.99% 11.65%
6.21% 5.18%
$380 $340
741 57
3.69% 4.67%
45.37 87.27

Source: CoreLogic

DSR Score for property investment : Good (U), Above average (H)
Find a mortgage broker in Tarneit VIC
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
Chart Table
Recent sales & rentals