Wallan

house

unit

SHARE

Share this article on:

×

Facebook Twitter LinkedIn Copy link

Based on its average 5-year and quarterly capital gains, the suburb saw average growth in the long term.

The suburb also delivered a weaker performance in contrast to other Australian suburbs in terms of appreciation of property value. Investors saw the median home price rise to $585,000.

The upward trend in home prices in WALLAN, 3756 averaged 6.42% per annum over a 3-year period.

Average weekly rents on listings have reached the $390 mark, reflecting a 3.47% increase in returns based on the current median price in WALLAN.

An average of 25.92 real estate transactions take place per month in WALLAN which translates to 311 per annum.

311 properties were sold in WALLAN in 2016, making it the 339th most active market in VIC based on total real estate transactions.

WALLAN, 3756 places 501st in Australia based on median property value growth during the quarter.

The suburb also delivered a weaker performance in contrast to other Australian suburbs in terms of appreciation of property value. Investors saw the median home price rise to $410,000.

Average median unit prices in VIC have risen as a whole, pulling WALLAN, 3756 values up and netting property investors a capital gain of 13.26% for the past year.

Investors saw the median home price rise to $410,000.

The upward trend in home prices in WALLAN, 3756 averaged 5.16% per annum over a 3-year period.

WALLAN now ranks at the 170th place on a list of fastest growing suburbs in the territory.

Figures from the previous quarter show that capital gains for real estate buyers in WALLAN are low, as opposed to average gains per annum over the past five years.

Real estate investors could earn a rental income of $350 based on current median home prices for the suburb.

It is expected for properties to spend some time on the market prior to a successful sale. In WALLAN, homes and units usually stay on listing for an average of 40.4 days.

23 properties were sold in WALLAN in 2016, making it the 244th most active market in VIC based on total real estate transactions.

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.