Suburb Profile Report for Redan VIC (3350)

Redan House: Median price $343,000, Annual capital growth 6.24%, Number of sales 54, Weekly median advertised rent $300

Redan Unit: Median price $265,500, Annual capital growth 4.19%, Number of sales 18, Weekly median advertised rent $263

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

Source: Monthly data update for Feb 2020 as supplied by CoreLogic. Data is reported to the period ending Nov 2019. Please note that property sales data is routinely updated, so may change retrospectively.

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At number 688th in the list of Australian suburbs ordered by increase in median house value over the last year, Redan, 3350 is in the top 20% with a property value increase of 7.19% recorded in median house prices.

If we look at median property appreciation over just the last three months, Redan has given property investors a paper return of 2.85%. This puts Suburb as 200 on a list of fastest fasting appreciating suburbs in VIC

Property investors looking for a bargain in Redan should be aiming for at least -4.81% off the asking price, which is the average vendor discount being achieved at the moment.

Often selling an investment property can take time, and in Redan the average time real estate has been on the market is 52.4043 days.

Renters in Suburb are facing rents around $15600 per annum or $300 every week.

At number 194th in the list of Australian suburbs ordered by increase in median house value over the last year, Redan, 3350 is in the top 20% with a property value increase of 11.55% recorded in median house prices.

The five-year average increase in median property values for Redan,3350 has given property investors a potential capital gain of 12.38% across each of those five years.

State is the 6th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -6.33% offered to property buyers. Sellers in Redan itself are offering an average vendor discount of -1.94% to real estate investors.

A $262.5 per week rent on the median house gives suburb investors a gross yield of circa 5.14%, without taking into account capital value appreciation, which has been averaging out at 4.19%.

Information supplied by:




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Redan, VIC – The complete package in Ballarat

Postcode: 3350

Median unit price: $241,000

Three-year growth: 14.8%

Rental yield: 5.4%

The suburb of Redan was named for the fortifications used in the battle of Sevastopol, Ukraine during the Crimean War. It began as one of the first deep lead gold mines in the region.

One of the inner suburbs in the flourishing Ballarat region, Redan has an advantageous location just directly south of Ballarat Central. Residents are within walking distance of amenities like the Ballarat Base Hospital Shopping hubs like Bridge Mall, Central Square Shopping Centre and Norwich Plaza are nearby, as are the Western Oval and Hickman Street Oval.

Redan has performed tremendously over the past five years to June 2019, offering growth potential, affordability and high yield.

Metrics i HOUSE UNIT
$343,000 $265,500
2.85% 6.20%
7.19% 11.55%
6.24% 4.19%
$300 $263
54 18
4.55% 5.14%
52.4042553191489 50.5

Source: Monthly data update for Feb 2020 as supplied by CoreLogic. Data is reported to the period ending Nov 2019. Please note that property sales data is routinely updated, so may change retrospectively.

DSR Score for property investment : Good (H), Very good (U)
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Demographics
Total population 2975
Median household income ($/weekly) 734
Median age of persons 38
Median housing loan repayment ($/monthly) 1105
Average household size 2
  • Census Count Percent(%)
    5-14 years 285 9.6
    25-34 years 452 15.2
    35-44 years 354 11.9
    45-54 years 392 13.2
    55-64 years 371 12.5
    Others 1121 37.7
    Age Group
    Census Count Percent(%)
    Not Married 1291 56.3
    Registered Married 712 31.0
    Defacto Relationship 292 12.7
    Social Marital Status
  • Census Count Percent(%)
    Australia 2575 91.9
    New Zealand 15 0.5
    Papua New Guinea 19 0.7
    United Kingdom 78 2.8
    Other 46 1.6
    Others 70 2.5
    Country of Birth
    Census Count Percent(%)
    Buddhism 22 0.8
    Christianity 1752 65.7
    Islam 14 0.5
    Other Religious Groups 22 0.8
    No Religion 843 31.6
    Others 13 0.5
    Religious Affiliation
  • Census Count Percent(%)
    $300-$399 188 15.0
    $400-$599 189 15.0
    $600-$799 168 13.4
    $800-$999 151 12.0
    $1,000-$1,249 115 9.2
    Others 445 35.4
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Not in the labour force 969 41.2
    Employed, worked full-time 755 32.1
    Employed, worked part-time 437 18.6
    Employed, away from work 107 4.6
    Unemployed, looking for work 83 3.5
    Person Characteristics
  • Census Count Percent(%)
    Professionals 228 17.6
    Technicians & trades workers 226 17.5
    Community & personal service workers 159 12.3
    Clerical & administrative workers 180 13.9
    Labourers 165 12.8
    Others 335 25.9
    Occupation
    Census Count Percent(%)
    Pre-school 42 6.8
    Infants/Primary 178 29.0
    Secondary 152 24.8
    Technical or Further Educational Institution 76 12.4
    University or other Tertiary Institutions 140 22.8
    Others 26 4.2
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 2203 78.5
    Flat, unit or apartment 423 15.1
    Semi-detached, row or terrace house, townhouse 179 6.4
    Caravan, cabin, houseboat 0 0.0
    Improvised home, tent, sleepers out 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Rented 596 44.8
    Fully owned 372 27.9
    Being purchased 357 26.8
    Other tenure type 6 0.5
    Tenure Type
Census 2011, ABS
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