Suburb Profile Report for Narre Warren VIC (3805)

Narre Warren House: Median price $590,000, Annual capital growth 6.34%, Number of sales 330, Weekly median advertised rent $380

Narre Warren Unit: Median price $434,500, Annual capital growth 5.59%, Number of sales 57, Weekly median advertised rent $350

  • 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

With a capital gain of -1.67% for the last 12 months, Narre Warren, 3805 has performed for property investments than its average annual 6.34% property growth over the last 5 years.

While Narre Warren,3805 ranked number 455th in VIC for increase in median house value (annualised) increase, it is ranked 113th over the last 5 years.

Property investors looking for a bargain in Narre Warren should be aiming for at least -6.49% off the asking price, which is the average vendor discount being achieved at the moment.

At number 427 in a list of fastest selling suburbs, Narre Warren is in the TOP 20% of suburbs in Australia with an average of days on market 50.0695 for properties listed there.

Situated 37.65km from the CBD, Narre Warren is one of Casey (C) localities in the postcode 3805.

At number 537th in the list of Australian suburbs ordered by increase in median house value over the last year, Narre Warren, 3805 is in the top 40% with a property value increase of 3.70% recorded in median house prices.

While Narre Warren,3805 ranked number 181th in VIC for increase in median house value (annualised) increase, it is ranked 37th over the last 5 years.

LACK OF BUYER INTEREST may well be the reason that Narre Warren is offering property investors an average of -5.98. This rate of discount on properties puts Suburb at number 116th in terms of most discounted suburbs in VIC

Situated 40.78km from the CBD, Narre Warren is one of Casey (C) localities in the postcode 3805.

Information supplied by:


January 2019

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Ideal spot for students

Postcode: 3805

Median unit price: $419,000

Three-year growth: 37.4%

Rental yield: 4.0%

Located a fair distance from Melbourne’s CBD, Narre Warren can be a difficult commute for drivers who work in the CBD. However for those who study or have found employment in the surrounding areas, such as at the many hospitals and medical centres nearby, this is the perfect place to base yourself.

Local residents have access to excellent shopping nearby via Fountain Gate, and there are plenty of public transport options for those who do need to commute.

The northern sweep of the suburb is often considered to be home to the “better” pockets of Narre Warren, so investors may want to concentrate their search on the north. Brand new, three-bedroom townhouses go for around $550-$600,000; whilst these properties deliver excellent deprecation returns, landlords can stretch your dollars further by investing in established units and apartments.
 

Metrics i HOUSE UNIT
$590,000 $434,500
0.61% 1.05%
-1.67% 3.70%
6.34% 5.59%
$380 $350
330 57
3.35% 4.19%
50.0694980694981 84.7083333333333

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), Above average (U)
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Demographics
Total population 25882
Median household income ($/weekly) 1271
Median age of persons 34
Median housing loan repayment ($/monthly) 1600
Average household size 2.9
  • Census Count Percent(%)
    5-14 years 3975 15.4
    25-34 years 3527 13.6
    35-44 years 4176 16.1
    45-54 years 3733 14.4
    55-64 years 2472 9.6
    Others 7999 30.9
    Age Group
    Census Count Percent(%)
    Registered Married 9717 51.5
    Not Married 7637 40.5
    Defacto Relationship 1509 8.0
    Social Marital Status
  • Census Count Percent(%)
    Australia 16238 65.5
    Indonesia 944 3.8
    Sri Lanka 687 2.8
    United Kingdom 1071 4.3
    Other 2454 9.9
    Others 3409 13.7
    Country of Birth
    Census Count Percent(%)
    Buddhism 999 4.2
    Christianity 15198 63.7
    Hinduism 663 2.8
    Islam 1459 6.1
    No Religion 5068 21.3
    Others 461 1.9
    Religious Affiliation
  • Census Count Percent(%)
    $800-$999 762 9.9
    $1,000-$1,249 834 10.9
    $1,250-$1,499 791 10.3
    $1,500-$1,999 1308 17.1
    $2,000-$2,499 894 11.7
    Others 3071 40.1
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 8116 42.2
    Not in the labour force 6062 31.5
    Employed, worked part-time 3560 18.5
    Unemployed, looking for work 773 4.0
    Employed, away from work 711 3.7
    Person Characteristics
  • Census Count Percent(%)
    Professionals 1551 12.5
    Technicians & trades workers 2298 18.6
    Clerical & administrative workers 1990 16.1
    Sales 1409 11.4
    Labourers 1382 11.2
    Others 3756 30.3
    Occupation
    Census Count Percent(%)
    Pre-school 447 6.7
    Infants/Primary 2474 37.0
    Secondary 2104 31.5
    Technical or Further Educational Institution 670 10.0
    University or other Tertiary Institutions 757 11.3
    Others 227 3.4
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 23703 95.6
    Flat, unit or apartment 510 2.1
    Semi-detached, row or terrace house, townhouse 455 1.8
    Caravan, cabin, houseboat 121 0.5
    Improvised home, tent, sleepers out 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Being purchased 4351 52.1
    Fully owned 2079 24.9
    Rented 1883 22.5
    Other tenure type 38 0.5
    Tenure Type
Census 2011, ABS
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