Wallan

Surburb overview

There was a time when all you could see in Wallan’s horizons were blooming pastures and wide open fields. But it won’t be long for the suburb to bid its green wedges goodbye, as Melbourne's urban sprawl spills over acres of grazing properties. Wallan, by far, offers the cheapest land releases among rural towns — a boon for investors keen on capitalising on off-the-plan purchases and developing new estates in unsaturated areas. Wallan is also a perfect match for Melbourne buyers who want to buy a place to settle down and have a family at a huge fraction of the cost.

No wonder Wallan’s property growth has made realtors and industry watchdogs alike interested. Real estate investors describe Wallan as a high-yielding suburb, with gross rental yield consistently up for the past year. The same can be said for the suburb’s median home price, thanks to a wait list of developers on the lookout for the next newly released residential area, as well as buyers arriving from the city.

Demographics

Wallan’s population is an estimated 12,000, composed of various cultural groups hailing from England, New Zealand, Italy, Malta, Macedonia, Samoa and South Africa. Its population is quite young, with the median age of 32. Wallan has one of the hardest working workforces in the country: Over 80 per cent of its population is employed, majority of which are working in the food and beverage and industrial sectors.

Wealth of amenities

Despite its remote location, Wallan has a complete range of amenities for its residents. Wallan has a farmers’ market, five primary schools, one secondary school, one tertiary institution, one hospital, and a number of sports and recreational facilities. The Wellington Square Shopping Centre, specifically, provides a good number of shops that offer a selection of products and services.