Suburb Profile Report for Narre Warren VIC (3805)

Narre Warren House: Median price $580,000, Annual capital growth 6.75%, Number of sales 314, Weekly median advertised rent $380

Narre Warren Unit: Median price $415,000, Annual capital growth 5.37%, Number of sales 52, Weekly median advertised rent $350

  • 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

Property value increases in Narre Warren have tracked just lower than the VIC average of -1.79% over the last 12 months.

Over the longer term, Narre Warren has seen property prices show investors a 23.40% return over the last 3 years. This is worse than over the last 12 months

Property buyers and investors in Narre Warren 3805 should be seeing an average reduction in asking price of around -8.12% . This means that Narre Warren is holding prices well when compared to other suburbs in VIC.

Advertised rents are around the $380 mark per week – giving a return of 3.41% based on the median price in Suburb

If you compare the increase in value of investment property in Narre Warren, 3805 to the rest of Australia, it performed around average. The median increase in value, or capital gain property investors experienced for this VIC suburb was -3.60%.

Over the longer term, Narre Warren has seen property prices show investors a 22.06% return over the last 3 years. This is worse than over the last 12 months

When looking to buy, or assessing what properties are really achieving at sale, it's essential for property investors to take into account what discounts are being offered in Narre Warren, 3805. Typically our figures indicate that -7.42% is being offered, which puts this VIC suburb at 333th most discounted overall in Australia.

Narre Warren is 139th on a list of best yielding suburbs for rents in VIC with a 4.39% return

Information supplied by:


January 2019

M
O

W
E

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
$580,000 $415,000
-1.69% -3.49%
-6.45% -3.60%
6.75% 5.37%
$380 $350
314 52
3.41% 4.39%
58.0377358490566 90.2926829268293

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), Above average (U)
Find a mortgage broker in Narre Warren VIC
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
Chart Table