Warrnambool is in the TOP 30% in VIC when comparing median price capital growth over the last year. Warrnambool gave property investors a good capital gain figure when compared to the rest of the state, with 4.41%.
Taking the average capital gain, or increase in median house value, Warrnambool,3280 has racked up an average of 4.41% over the period. This ranks it number 1758th in the whole country for real estate investors looking at median house price increases.
Our latest figures would indicate that property sellers in Warrnambool are currently offering property investors an average price cut of -4.70% below the asking price at the moment.
With the median price for a house in Warrnambool being $355000 and the advertised rent reaching $360 the gross rental yield for property investors calculates out to be 5.27%
Property investors who have had real estate in Warrnambool, 3280 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 4.08%
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Warrnambool has fallen somewhat when compared to the 5 year average annual rate.
Sellers are offering property buyers an average discount of -4.71% to buyers in Warrnambool at the moment, which is less than average for the rest of VIC.
In the last year 110 properties changed hands in Warrnambool, which puts it as the 42th most active market in VIC when comparing the number of sales per suburb.
Using the current median advertised rental of $280 and the average annual increase in value of a median property of 2.07%, investors should hope to achieve an overall return of 5.71%
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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.