WARRNAMBOOL PROPERTY REPORT SPRING 2023 Courtesy of Ray White Warrnambool
WHAT’S HAPPENING IN OUR MARKET? The Spring rush is officially underway and for the first 4 months of the financial year interest rates have held. This has prompted a level of stability in the market with the median house price now sitting at $615,000, an increase of 2.5% on this time last year. Average selling times have increased now sitting at 44 days, a 14 day increase on this time last year. Rental yields have eased to 4.5% this is due to swift capital growth in properties over the past 3 years. Warrnambool is experiencing strong rental demand which provides a stable, progressive growth for any long term investor. Buyer interest in the top end of the market ($900,000 +) is surprisingly strong. This provides a great opportunity for any prestigious or luxury seller looking to enter the market. From July to September, Ray White Warrnambool saw 91 sales, 40 auctions conducted, 2211 buyer inspections and an average selling time of 35 days. Overall, the market is providing some impressive results for sellers whilst buyers can be assured prices are more predictable and less competitive than the previous years. Some national real estate markets are seeing growth and some decline. Warrnambool historically is known for a more gradual growth and this is beginning to be sighted with an average median price growth of 2.5% over a 12 month period opposed to a 20 - 25% in a COVID affected 12 month cycle.
RECENT SALES IN YOUR AREA 2 2 1 1 2 4 2 1 2 2 1 2 2 1 2 1 4 4 2 3 3 3 3 3 1 Glenbane Court, Warrnambool 5 Rayner Court, Warrnambool 2/6-8 Gibson Street, Warrnambool 5 Lutana Grove, Warrnambool 8 Moreton Street, Warrnambool 7 Karong Court, Warrnambool 8/132-134 Merri Street, Warrnambool 2 Robert Street, Warrnambool SOLD $635,000 SOLD $1,160,000 SOLD $500,000 SOLD $620,000 SOLD $814,000 SOLD $545,000 SOLD $605,000 SOLD $560,000
1 2 3 3 2 1 2 4 1 2 2 2 2 1 2 2 3 4 3 5 4 3 3 3 9 Connemara Road, Warrnambool 172 Whites Road, Warrnambool 33 Howard Street, Warrnambool 40 Kelp Street, Warrnambool 42 Laverock Road, Warrnambool 61 Koroit Street, Warrnambool 171 Drummond Street, Warrnambool 19 Wendy Place, Warrnambool SOLD $591,000 SOLD $1,030,000 SOLD $735,000 SOLD $940,000 SOLD $627,500 SOLD $467,999 SOLD $580,000 SOLD $737,000
Compared to five years ago, the median house sales price in Warrnambool has increased 74% which equates to a compound annual growth rate of 11.7%. 1. 5. 3. HOUSES AVERAGE DAYS ON MARKET HOUSES UNITS MEDIAN $550,000 MEDIAN $367,450 HIGHEST $1,185,000 HIGHEST $410,000 LOWEST $384,000 LOWEST $298,000 4. Source: CoreLogic RP Data 1 August - 1 November 2023 2. 112 HOUSES SOLD LAST QUARTER UNITS SOLD LAST QUARTER 26 44 WARRNAMBOOL FAST FACTS | WARRNAMBOOL SALES LEASE MEDIAN HOUSE (3 BED) $495 MEDIAN UNIT (2 BED) $400 RENT PER WEEK NUMBER SOLD $400K 250 $500K 500 $600K 750 $300K 0 2019 2020 2021 2022 2023 MEDIAN HOUSE SALE PRICE
YOUR SALES TEAM Ray White Warrnambool 64 Banyan Street, Warrnambool VIC 3280 03 5564 1500 raywhitewarrnambool.com.au Jess Densley Director 0400 216 776 Fergus Torpy Director | Auctioneer 0428 627 161 Paulette Bowey Office Manager Jason Thwaites Sales | Auctioneer 0409 531 805 Chris Thomas Sales Executive 0439 668 229 Lachie Kelly Sales | Auctioneer 0437 333 613 Harry Ponting Sales | Auctioneer 0400 518 424 Tessa Stephens Sales Executive 0400 680 566 Kirralie Lumsden Sales Associate 0428 790 109 Monique Brooks Sales Associate 0402 740 802 Brooke West Business Development Manager 0401 013 173 Lisa Ryan Administration Annika Blattmann Marketing Shirene Morgan Marketing Sam Arthurs Loan Broker 0450 800 844
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