Suburb Profile Report for Redan VIC (3350)

Redan House: Median price $350,000, Annual capital growth 5.73%, Number of sales 54, Weekly median advertised rent $308

Redan Unit: Median price $253,000, Annual capital growth 3.24%, Number of sales 20, Weekly median advertised rent $270

  • 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.

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Property value increases in Redan have tracked higher than the VIC average of 2.87% over the last 12 months.

A 40.28% growth in median value for property investors in Redan,3350 puts this suburb at number 382th in terms of best performing suburbs in VIC

Vendor discounting in Redan is giving property investors an average Vendor Discount of around -5.42%. This puts suburb at number 399th in VIC when ranking the most discounted suburbs.

A $307.5 per week rent on the median house gives suburb investors a gross yield of circa 4.57%, without taking into account capital value appreciation, which has been averaging out at 5.73%.

Property value increases in Redan have tracked just higher than the VIC average of 6.11% over the last 12 months.

While Redan,3350 ranked number 238th in VIC for increase in median house value (annualised) increase, it is ranked 265th over the last 5 years.

At number 253th of VIC’s most discounted properties, Redan is in the TOP 10% of the state/territory when listing in order of most discounted to least.

Redan is 33th on a list of best yielding suburbs for rents in VIC with a 5.55% return

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
$350,000 $253,000
1.16% 0.00%
9.38% 7.66%
5.73% 3.24%
$308 $270
54 20
4.57% 5.55%
45.8936170212766 53.05

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 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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