Suburb Profile Report for Colac VIC (3250)

Colac House: Median price $315,000, Annual capital growth 4.21%, Number of sales 187, Weekly median advertised rent $320

Colac Unit: Median price $302,500, Annual capital growth 6.70%, Number of sales 25, Weekly median advertised rent $259

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

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

  • Expert Report
  • House Report
  • Unit Report

Colac has had a quite poor year for property investment returns compared to the rest of VIC, giving investors a capital gain of -0.79% to date .

Across a shorter period, Colac, 3250 has seen a median price increase of 0.00% over the last quarter.

Property investors looking for a bargain in Colac should be aiming for at least -3.54% off the asking price, which is the average vendor discount being achieved at the moment.

Colac is 68th on a list of best yielding suburbs for rents in VIC with a 5.28% return

Giving property investors a a solid capital gain of 23.47% for the last year, Colac, 3250 is the 70th highest performer in Australia in this respect.

Colac,3250 was ranked 1228 in Australia by increase in median property value over the quarter.

LACK OF BUYER INTEREST may well be the reason that Colac is offering property investors an average of -5.98. This rate of discount on properties puts Suburb at number 235th in terms of most discounted suburbs in VIC

Information supplied by:


June 2017

M
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Nature destination fields demand from unit buyers

Median unit price: $270,000

Three-year growth: 12.50%

Rental yield: 4.57%

As one of the destinations along the Great Ocean Road, Colac gets quite a bit of promotion. However, it’s not only for tourists.

The suburb’s growth peaked at an incredible 35% in the past year. The March 2017 quarter reported 8.9% growth as well. Even then, the median unit price is quite low at under $300,000 and returns for investors are significant at 4.5%. Thus, now could be a good time to enter this burgeoning market.

Colac is known for its farming and forestry, industries helped by its location near Colac Lake and the Great Otway National Park. Thus, the suburb is a great spot for water sports and hiking. There are also several primary and secondary schools in town. 

Colac is highly accessible, since Princes Highway runs through the suburb. There is also a railway station and a coach terminal for commuters.

Metrics i HOUSE UNIT
$315,000 $302,500
0.00% -1.22%
-0.79% 23.47%
4.21% 6.70%
$320 $259
187 25
5.28% 4.45%
41.1605839416058 52.6875

Source: Monthly data update for May 2020 as supplied by CoreLogic. Data is reported to the period ending Feb 2020. 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 8696
Median household income ($/weekly) 834
Median age of persons 40
Median housing loan repayment ($/monthly) 1144
Average household size 2.2
  • Census Count Percent(%)
    5-14 years 1044 12.0
    25-34 years 1026 11.8
    35-44 years 994 11.4
    45-54 years 998 11.5
    55-64 years 978 11.2
    Others 3657 42.0
    Age Group
    Census Count Percent(%)
    Not Married 2940 46.6
    Registered Married 2698 42.8
    Defacto Relationship 665 10.6
    Social Marital Status
  • Census Count Percent(%)
    Australia 7711 93.0
    Croatia 43 0.5
    Papua New Guinea 84 1.0
    United Kingdom 170 2.1
    Other 96 1.2
    Others 184 2.2
    Country of Birth
    Census Count Percent(%)
    Buddhism 40 0.5
    Christianity 5667 72.6
    Islam 26 0.3
    Other Religious Groups 14 0.2
    No Religion 2047 26.2
    Others 16 0.2
    Religious Affiliation
  • Census Count Percent(%)
    $300-$399 412 12.8
    $400-$599 503 15.6
    $600-$799 414 12.8
    $800-$999 383 11.9
    $1,000-$1,249 347 10.7
    Others 1169 36.2
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Not in the labour force 2865 42.4
    Employed, worked full-time 2150 31.8
    Employed, worked part-time 1289 19.1
    Employed, away from work 284 4.2
    Unemployed, looking for work 174 2.6
    Person Characteristics
  • Census Count Percent(%)
    Professionals 416 11.2
    Technicians & trades workers 554 14.9
    Community & personal service workers 476 12.8
    Sales 414 11.1
    Labourers 789 21.2
    Others 1071 28.8
    Occupation
    Census Count Percent(%)
    Pre-school 143 8.7
    Infants/Primary 617 37.5
    Secondary 554 33.7
    Technical or Further Educational Institution 157 9.5
    University or other Tertiary Institutions 104 6.3
    Others 69 4.2
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 7316 91.2
    Flat, unit or apartment 348 4.3
    Semi-detached, row or terrace house, townhouse 312 3.9
    Caravan, cabin, houseboat 28 0.3
    House or flat attached to a shop, office 14 0.2
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Fully owned 1389 40.4
    Being purchased 1011 29.4
    Rented 1003 29.2
    Other tenure type 37 1.1
    Tenure Type
Census 2011, ABS
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