Suburb Profile Report for Korumburra VIC (3950)

Korumburra House: Median price $315,250, Annual capital growth 3.75%, Number of sales 68, Weekly median advertised rent $323

Korumburra Unit: Median price $317,250, Annual capital growth 4.49%, Number of sales 14, Weekly median advertised rent $260

  • 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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  • House Report
  • Unit Report

Korumburra has had a quite poor year for property investment returns compared to the rest of VIC, giving investors a capital gain of -1.48% to date .

If we look at median property appreciation over just the last three months, Korumburra has given property investors a paper return of 1.29%. This puts Suburb as 367 on a list of fastest fasting appreciating suburbs in VIC

The most recent median price for Korumburra is $315250, with sellers offering an average of -4.82% off the asking price.

Situated 102.19km from the CBD, Korumburra is one of South Gippsland (S) localities in the postcode 3950.

Korumburra, 3950 is offering VIC ‘s 238th most discounted properties when looking at the average discount being offered by vendors. This puts it in the bottom 10% of discounts offered by this VIC.

With the median price for a house in Korumburra being $317250 and the advertised rent reaching $260 the gross rental yield for property investors calculates out to be 4.26%

Information supplied by:




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Korumburra, VIC – Affordability and growth in South Gippsland

Postcode: 3950

Median house price: $317,000

Three-year growth: 21.9%

Rental yield: 5.2%

Sitting among the rolling foothills of the Strzelecki Ranges in South Gippsland, the suburb of Korumburra began as a mining centre for black coal in the late 1800s. However, with the collapse of mining, dairy became the main industry of the area, with its fertile ground and reliable levels of rainfall making it a perfect spot for raising cattle.

Commercial Street serves as Korumburra’s shopping hub. The hills serve as a stunning natural background, and several parks and reserves further highlight the natural appeal of the suburb. Coleman Park has a playground, pool and picnic areas for recreation. As an affordable area with steady growth, Korumburra is an excellent option indeed for investors.

Metrics i HOUSE UNIT
$315,250 $317,250
1.29% 0.00%
-1.48% N/A
3.75% 4.49%
$323 $260
68 14
5.32% 4.26%
77.9344262295082 83.1818181818182

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 : Above average (H), Good (U)
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Demographics
Total population 4374
Median household income ($/weekly) 874
Median age of persons 43
Median housing loan repayment ($/monthly) 1322
Average household size 2.4
  • Census Count Percent(%)
    5-14 years 615 14.1
    25-34 years 401 9.2
    35-44 years 542 12.4
    45-54 years 586 13.4
    55-64 years 607 13.9
    Others 1623 37.1
    Age Group
    Census Count Percent(%)
    Registered Married 1580 50.7
    Not Married 1242 39.9
    Defacto Relationship 292 9.4
    Social Marital Status
  • Census Count Percent(%)
    Australia 3686 88.0
    Japan 65 1.6
    New Zealand 42 1.0
    Papua New Guinea 48 1.1
    United Kingdom 208 5.0
    Others 138 3.3
    Country of Birth
    Census Count Percent(%)
    Buddhism 25 0.6
    Christianity 2603 65.7
    Hinduism 8 0.2
    Other Religious Groups 12 0.3
    No Religion 1308 33.0
    Others 3 0.1
    Religious Affiliation
  • Census Count Percent(%)
    $300-$399 181 11.7
    $400-$599 234 15.2
    $600-$799 181 11.7
    $800-$999 183 11.9
    $1,500-$1,999 171 11.1
    Others 593 38.4
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Not in the labour force 1414 42.1
    Employed, worked full-time 1053 31.4
    Employed, worked part-time 665 19.8
    Employed, away from work 128 3.8
    Unemployed, looking for work 95 2.8
    Person Characteristics
  • Census Count Percent(%)
    Managers 240 13.0
    Professionals 225 12.2
    Technicians & trades workers 334 18.1
    Sales 211 11.4
    Labourers 231 12.5
    Others 606 32.8
    Occupation
    Census Count Percent(%)
    Pre-school 66 7.0
    Infants/Primary 380 40.3
    Secondary 334 35.4
    Technical or Further Educational Institution 88 9.3
    University or other Tertiary Institutions 49 5.2
    Others 26 2.8
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 3808 94.4
    Flat, unit or apartment 126 3.1
    Semi-detached, row or terrace house, townhouse 63 1.6
    Caravan, cabin, houseboat 25 0.6
    House or flat attached to a shop, office 12 0.3
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Fully owned 672 41.5
    Being purchased 578 35.7
    Rented 351 21.7
    Other tenure type 19 1.2
    Tenure Type
Census 2011, ABS
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