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%
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A tight fit for renters
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.