At number 564th in the list of Australian suburbs ordered by increase in median house value over the last year, Wonthaggi, 3995 is in the top 20% with a property value increase of 13.84% recorded in median house prices.
When looking at the potential capital gains offered to property investors over the last 3 years, Wonthaggi comes in at number 467th in VIC.
Property investors looking for a bargain in Wonthaggi should be aiming for at least -3.21% off the asking price, which is the average vendor discount being achieved at the moment.
Renters in Suburb are facing rents around $14560 per annum or $280 every week.
If you compare the increase in value of investment property in Wonthaggi, 3995 to the rest of Australia, it performed very well. The median increase in value, or capital gain property investors experienced for this VIC suburb was 17.19%.
While Wonthaggi,3995 ranked number 61th in VIC for increase in median house value (annualised) increase, it is ranked 208th over the last 5 years.
Vendor discounting in Wonthaggi is giving property investors an average Vendor Discount of around -2.49%. This puts suburb at number 297th in VIC when ranking the most discounted suburbs.
Advertised rents are around the $270 mark per week – giving a return of 4.68% based on the median price in Suburb
Part of the biggest town in the South Gippsland region, the suburb of Wonthaggi is enjoying a great deal of attention from tenantsFull summary
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A tight fit for renters
Median unit price: $265,000
Vacancy rate: 0.5% (from 1.5%)
Three-year growth: 16.2%
Part of the biggest town in the South Gippsland region, the suburb of Wonthaggi is enjoying a great deal of attention from tenants.
The current vacancy rate is extremely tight, dropping from 1.5% in April 2017 to just 0.5% 12 months later. A vacancy rate between 2-3% indicates a balanced tenancy market, so Wonthaggi is experiencing a strong shortage of rental properties. This could spur competition among tenants, especially with the average rent for apartments being less than $300 a week. Returns remain quite high for landlords, at 5.3%.
A seaside town located roughly 130km south east of Melbourne, Wonthaggi’s commercial area thrives thanks to its tourist industry. The suburb is home to many parks, reserves and gardens, such as the Wonthaggi Wetlands Conservation Park. There are also restaurants, cafes and bars. The proximity of beaches is also a drawing card.Close