Warrnambool has been named as one of the fastest growing areas in the coming years, according to two leading property experts.
The regional centre, located on the South West Coast of Victoria approximately 265Km form Melbourne, was listed in Smart Property Investment’s Fast 50 report for its diverse economy and low entry prices.
“The leading regional centre of Victoria’s south-west is growing so fast, the local council is having to rezone hundreds of hectares of farming land for new industrial and residential estates,” Hotspotting.com.au founder Terry Ryder said.
“Warrnambool is strong on tourism, construction, education and medical services,” Mr Ryder said.
“Retail is rapidly expanding and there is a plethora of new power generation facilities happening, including gas-fired power stations and major wind farms.”
Warrnambool was also picked by wHeregroup director Todd Hunter, who believes a population increase has been driven by affordability.
“Warrnambool has experienced a significant rise in population along with a thinning of people living I each household,” Mr Hunter said.
“This is due to two factors, a large project of a Power Station in Mortlake being built, only 50 km away but only taking 25 minutes to drive and a shift of population from Geelong to Warrnambool due to affordability,” he said.
“This has put housing pressure on Warrnambool and hence we are seeing increases in rents and a new wave of investors starting to look and buy.”
The median house price and median unit price in Warrnambool is $317,000 and $250,000, respectively.