How Much Of The Housing Market Can You Afford?
Aussies can no longer rely on their incomes and savings alone to fund a property purchase, as prices soar and incomes st...
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 $527,500.
The upward trend in home prices in WALLAN, 3756 averaged 7.09% per annum over a 3-year period.
Average weekly rents on listings have reached the $375 mark, reflecting a 3.7% increase in returns based on the current median price in WALLAN.
An average of 16.42 real estate transactions take place per month in WALLAN which translates to 197 per annum.
197 properties were sold in WALLAN in 2016, making it the 506th most active market in VIC based on total real estate transactions.
WALLAN, 3756 places 289th in Australia based on median property value growth during the quarter.
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.
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.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||13.2%||1.12%|
|Median 3 years||21.26%||16.77%|
|Median 5 years||50.71%||34.07%|
|10 years average annual||5.15%||3.46%|
|Weekly media advert. rent||$375||$330|
|Time on Market||66.9 days||69.5 days|
|Gross Rental Yield Percent||3.7%||4.74%|