Suburb Profile Report for Wonthaggi VIC (3995)

Wonthaggi House: Median price $364,000, Annual capital growth 4.45%, Number of sales 95, Weekly median advertised rent $293

Wonthaggi Unit: Median price $306,500, Annual capital growth 3.18%, Number of sales 15, Weekly median advertised rent $290

  • 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.

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Property value increases in Wonthaggi have tracked higher than the VIC average of -1.79% over the last 12 months.

Over the longer term, Wonthaggi has seen property prices show investors a 42.75% return over the last 3 years. This is worse than over the last 12 months

Sellers are offering property buyers an average discount of -4.45% to buyers in Wonthaggi at the moment, which is less than average for the rest of VIC.

The VIC suburb of Wonthaggi, 3995 is in the Bass Coast (S) local government area.

At number 247th in the list of Australian suburbs ordered by increase in median house value over the last year, Wonthaggi, 3995 is in the top 20% with a property value increase of 7.54% recorded in median house prices.

While Wonthaggi,3995 ranked number 175th in VIC for increase in median house value (annualised) increase, it is ranked 131th over the last 5 years.

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 Wonthaggi, 3995. Typically our figures indicate that -6.03% is being offered, which puts this VIC suburb at 622th most discounted overall in Australia.

On average over the past year, suburb has had 1.25 sales per month, which equates to 15 per year.

Using the current median advertised rental of $290 and the average annual increase in value of a median property of 3.18%, investors should hope to achieve an overall return of 4.92%

Information supplied by:


July 2018

M
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W
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A tight fit for renters

Postcode: 3995

Median unit price: $265,000

Vacancy rate: 0.5% (from 1.5%)

Three-year growth: 16.2%

Part of the biggest town in the South Gippsland region, the suburb of Wonthaggi is enjoying a great deal of attention from tenants.

The current vacancy rate is extremely tight, dropping from 1.5% in April 2017 to just 0.5% 12 months later. A vacancy rate between 2-3% indicates a balanced tenancy market, so Wonthaggi is experiencing a strong shortage of rental properties. This could spur competition among tenants, especially with the average rent for apartments being less than $300 a week. Returns remain quite high for landlords, at 5.3%.

A seaside town located roughly 130km south east of Melbourne, Wonthaggi’s commercial area thrives thanks to its tourist industry. The suburb is home to many parks, reserves and gardens, such as the Wonthaggi Wetlands Conservation Park. There are also restaurants, cafes and bars. The proximity of beaches is also a drawing card.

Metrics i HOUSE UNIT
$364,000 $306,500
3.12% 0.00%
13.22% 7.54%
4.45% 3.18%
$293 $290
95 15
4.18% 4.92%
58.3116883116883 57.4615384615385

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), Good (U)
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Demographics
Total population 4354
Median household income ($/weekly) 675
Median age of persons 48
Median housing loan repayment ($/monthly) 1192
Average household size 2.1
  • Census Count Percent(%)
    35-44 years 451 10.4
    45-54 years 545 12.5
    55-64 years 573 13.2
    65-74 years 559 12.8
    75-84 years 480 11.0
    Others 1746 40.1
    Age Group
    Census Count Percent(%)
    Not Married 1602 49.8
    Registered Married 1357 42.1
    Defacto Relationship 261 8.1
    Social Marital Status
  • Census Count Percent(%)
    Australia 3467 84.9
    Japan 80 2.0
    Papua New Guinea 51 1.2
    United Kingdom 268 6.6
    Other 78 1.9
    Others 140 3.4
    Country of Birth
    Census Count Percent(%)
    Buddhism 39 1.0
    Christianity 2679 68.4
    Islam 9 0.2
    Other Religious Groups 14 0.4
    No Religion 1162 29.7
    Others 12 0.3
    Religious Affiliation
  • Census Count Percent(%)
    $300-$399 280 16.6
    $400-$599 322 19.1
    $600-$799 217 12.8
    $800-$999 149 8.8
    $1,500-$1,999 134 7.9
    Others 587 34.8
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Not in the labour force 1695 49.9
    Employed, worked full-time 863 25.4
    Employed, worked part-time 619 18.2
    Employed, away from work 121 3.6
    Unemployed, looking for work 101 3.0
    Person Characteristics
  • Census Count Percent(%)
    Professionals 184 11.5
    Technicians & trades workers 261 16.3
    Community & personal service workers 192 12.0
    Sales 200 12.5
    Labourers 319 19.9
    Others 444 27.8
    Occupation
    Census Count Percent(%)
    Pre-school 53 7.1
    Infants/Primary 265 35.6
    Secondary 271 36.4
    Technical or Further Educational Institution 77 10.3
    University or other Tertiary Institutions 44 5.9
    Others 35 4.7
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 3315 84.0
    Semi-detached, row or terrace house, townhouse 322 8.2
    Flat, unit or apartment 283 7.2
    Caravan, cabin, houseboat 24 0.6
    House or flat attached to a shop, office 3 0.1
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Fully owned 802 44.4
    Rented 597 33.0
    Being purchased 395 21.9
    Other tenure type 13 0.7
    Tenure Type
Census 2011, ABS
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