Suburb Profile Report for South Morang VIC (3752)

South Morang House: Median price $610,000, Annual capital growth 5.96%, Number of sales 239, Weekly median advertised rent $400

South Morang Unit: Median price $390,000, Annual capital growth 2.50%, Number of sales 35, Weekly median advertised rent $360

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

Source: Monthly data update for Nov 2019 as supplied by CoreLogic. Data is reported to the period ending Aug 2019. Please note that property sales data is routinely updated, so may change retrospectively.

  • Expert Report
  • House Report
  • Unit Report

Over the last year, property investments in South Morang, 3752 have given investors a capital gain of -5.43%. This compares averagely with the -1.79% for VIC as a whole.

Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in South Morang has increased when compared to the 5 year average annual rate.

The most recent median price for South Morang is $610000, with sellers offering an average of -4.75% off the asking price.

Often selling an investment property can take time, and in South Morang the average time real estate has been on the market is 49.9339 days.

A $400 per week rent on the median house gives suburb investors a gross yield of circa 3.41%, without taking into account capital value appreciation, which has been averaging out at 5.96%.

With a capital gain of -5.45% for the last 12 months, South Morang, 3752 has performed for property investments than its average annual 2.50% property growth over the last 5 years.

A 14.71% growth in median value for property investors in South Morang,3752 puts this suburb at number 275th in terms of best performing suburbs in VIC

Our latest figures would indicate that property sellers in South Morang are currently offering property investors an average price cut of -2.82% below the asking price at the moment.

In the last year 35 properties changed hands in South Morang, which puts it as the 174th most active market in VIC when comparing the number of sales per suburb.

Using the current median advertised rental of $360 and the average annual increase in value of a median property of 2.50%, investors should hope to achieve an overall return of 4.80%

Sugath Warnasuriya Information supplied by:

Sugath Warnasuriya
Stockdale & Leggo

M 03 9407 9100
O 0422 577 353

W www.stockdaleleggo.com.au/southmorang
E sugath@stockdaleleggo.com.au
A $350 per week rent on the median house gives suburb investors a gross yield of circa 4.49%, without taking into account capital value appreciation, which has been averaging out at 4.42%.
 
Selling points: Properties close proximity to Westfield Shopping Centre, South Morang train station, and within easy access to Plenty Road
 
Most sought after properties: 3-4 bedroom homes up to $450,000 in value. This is the most popular price bracket for 1st home buyers. As a buyer you can also buy a property under 9 years old in most cases in this price bracket. 
 
Most common properties: 3-4 bedroom homes of about 25 sq on an average block size of 450 sqm. Most of these homes are under 10 years old that attracts lots of young home buyers. Most common buyer group is between the ages of 25-35 years based on our experience
 
Top amenities:
 
South Morang train station
Westfield Plenty Valley
There are number of retirement villages. 
 
Local industry and business:
 
Whittlesea Council also located in South Morang
 
There are number of shopping centres in and around South Morang- Westfield Plenty Valley (bordering Mill Park), 
Numbers of medical centres are available in the area and there is a newly opened Super Clinique closer to South Morang Train Station. 
 
Recent Changes
 
We can identify a trend that shows buyers who sell older homes in Mill Park area are actively moving into South Morang area to upgrade their lifestyle. This means South Morang is a popular suburb for 2nd home buyers as well. 
 
This buyer activity should push up the home values in South Morang area over the coming years. 
 
Best Streets 
 
Meridian Drive
Gordons Road
Skyline Drive
 
Public Transport
 
South Morang train station 
Bus 
 
Main Arteries
 
Plenty Road
McDonalds Road 

 

Metrics i HOUSE UNIT
$610,000 $390,000
-1.61% -2.50%
-5.43% -5.45%
5.96% 2.50%
$400 $360
239 35
3.41% 4.80%
49.9338842975207 61.2173913043478

Source: Monthly data update for Nov 2019 as supplied by CoreLogic. Data is reported to the period ending Aug 2019. Please note that property sales data is routinely updated, so may change retrospectively.

DSR Score for property investment : Above average (H), Very good (U)
Find a mortgage broker in South Morang VIC
Demographics
Total population 20873
Median household income ($/weekly) 1576
Median age of persons 31
Median housing loan repayment ($/monthly) 2000
Average household size 3.1
  • Census Count Percent(%)
    0-4 years 2009 9.6
    5-14 years 3430 16.4
    25-34 years 3596 17.2
    35-44 years 3933 18.8
    45-54 years 2425 11.6
    Others 5481 26.3
    Age Group
    Census Count Percent(%)
    Registered Married 8121 56.5
    Not Married 5020 35.0
    Defacto Relationship 1221 8.5
    Social Marital Status
  • Census Count Percent(%)
    Australia 14661 73.3
    Germany 533 2.7
    Indonesia 795 4.0
    Japan 529 2.6
    Other 832 4.2
    Others 2649 13.2
    Country of Birth
    Census Count Percent(%)
    Buddhism 400 2.1
    Christianity 14368 74.0
    Hinduism 556 2.9
    Islam 634 3.3
    No Religion 3082 15.9
    Others 375 1.9
    Religious Affiliation
  • Census Count Percent(%)
    $1,000-$1,249 592 10.2
    $1,250-$1,499 572 9.9
    $1,500-$1,999 1137 19.6
    $2,000-$2,499 861 14.9
    $2,500-$2,999 528 9.1
    Others 2098 36.2
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 6990 47.6
    Not in the labour force 3724 25.4
    Employed, worked part-time 2847 19.4
    Employed, away from work 619 4.2
    Unemployed, looking for work 494 3.4
    Person Characteristics
  • Census Count Percent(%)
    Managers 1130 10.8
    Professionals 1666 15.9
    Technicians & trades workers 1616 15.5
    Clerical & administrative workers 1852 17.7
    Sales 1245 11.9
    Others 2950 28.2
    Occupation
    Census Count Percent(%)
    Pre-school 496 9.2
    Infants/Primary 2182 40.6
    Secondary 1530 28.5
    Technical or Further Educational Institution 386 7.2
    University or other Tertiary Institutions 636 11.8
    Others 145 2.7
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 17113 86.3
    Semi-detached, row or terrace house, townhouse 2487 12.5
    Flat, unit or apartment 239 1.2
    Caravan, cabin, houseboat 0 0.0
    Improvised home, tent, sleepers out 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Being purchased 3928 62.5
    Rented 1184 18.8
    Fully owned 1146 18.2
    Other tenure type 29 0.5
    Tenure Type
Census 2011, ABS
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