If you compare the increase in value of investment property in Warrnambool, 3280 to the rest of Australia, it performed quite well. The median increase in value, or capital gain property investors experienced for this VIC suburb was 5.71%.
Comparing Warrnambool,3280 ‘s 5year and quarterly average capital gain offered to property investors, it performed less well across the longer period
Property buyers and investors in Warrnambool 3280 should be seeing an average reduction in asking price of around -4.72% . This means that Warrnambool is holding prices well when compared to other suburbs in VIC.
On average over the past year, suburb has had 41.83 sales per month, which equates to 502 per year.
Using the current median advertised rental of $370 and the average annual increase in value of a median property of 2.30%, investors should hope to achieve an overall return of 5.20%
Investment property in Warrnambool 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 9.07%
Across a shorter period, Warrnambool, 3280 has seen a median price increase of -1.07% over the last quarter.
Vendor discounting in Warrnambool is giving property investors an average Vendor Discount of around -4.72%. This puts suburb at number 205th in VIC when ranking the most discounted suburbs.
On average over the past year, suburb has had 12.33 sales per month, which equates to 148 per year.
The VIC suburb of Warrnambool, 3280 is in the Warrnambool (C) local government area.
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Located in the western corner of the Great Ocean Road, Warrnambool is becoming more than just a pretty tourist town, says PRDnationwide analyst Dan O’Halloran.
“While a strong alliance with the more traditional dairy industry still remains well ingrained within the community, at present there is huge interest being shown to alternative energy projects in the surrounding Warrnambool area, with over $3.5bn worth of privately funded projects either developed or in the pipeline. This level of development is creating expanding employment and investment opportunities in the region and is sure to result in strong property returns in coming years,” he says.
“Warrnambool’s median unit sale price has remained strong, and highlights the growing demand for well positioned, low maintenance style dwellings in the suburb. Warrnambool’s unit market is set to perform well for inventors focused on the medium term.”
According to the city’s growth director Bill Millard, Warrnambool’s rate of annual population increase over the past five years of 1.8% compares well with other Victorian regional centres such as Ballarat (2%) and Bendigo (1.9%), while labour force growth over the past four years has reached an equally strong 3.4% – or 2,500 jobs.
Warrnambool’s unit market is currently dominated by good sized, single storey two-bedroom brick properties – often with a garage. There’s also a good selection of smaller, but more centrally located, two-bedroom apartments on offer. To give an example of the entry price, listings at the time of writing included a $149,000 two-bedroom, one-bathroom unit close to the St John of God Hospital – which offered a 5.7% gross yield.