Home' API Magazine : December 2014 Contents DECEMBER 2014 n APIMAGAZINE.COM.AU n 87
Meat factory, which is getting bigger and
bigger all of the time. They’re one of the
biggest exporters in Australia.”
Another industry of growth includes
medical. Warrnambool has two major
facilities – St John of God Hospital
and South West Healthcare, the
latter of which recently underwent a
multimillion-dollar upgrade. According
to the regional growth plan, healthcare
and social services employ 15 per cent
of the region’s workforce, making it the
district’s largest employer.
As for the city becoming urbanised,
McDonald says there isn’t a sudden
real estate-driven push to create a
cool centre. The evolution has been
“Warrnambool’s seen gentrification
as a centre over the past 10 to 15 years.
We’ve started seeing an influx of the sea
change phenomenon – people moving
down. It has been voted as one of the
most liveable places in Australia.
“We’ve seen a gentrification in terms of
cafés, hospitality outlets, mix of galleries,
boutiques, shopping areas. We have seen
all of that come down and turn this rural
township into a regional centre.”
Regional doesn’t mean isolated for
Warrnambool. The city is situated about
220 kilometres west of Melbourne’s
CBD. A three-and-a -half-hour train
journey will drop you straight into the
capital – not exactly a commuter option
but certainly manageably relaxing if you
need to travel to the big smoke.
There’s always the chance to take the
scenic coastal drive to Melbourne too,
but if you do need to go further afield,
Densley says you’re in luck.
“There’s recent news of a big
$4 million upgrade to Warrnambool
airport. They’re going to be expanding
the hanger space so as the airport gets
going, it’s going to be (even) more of a
hub for the region.”
Warrnambool has a rich mix of
history and modernisation, with
detached homes ranging from period
style dwellings through to more
contemporary abodes. The most
common housing is conventional 1970s
and ’80s suburban detached positioned
away from the CBD, according to
McDonald. He says in terms of price,
Warrnambool real estate is unlikely to
WARRNAMBOOL FACT SHEET
Warrnambool has a mixed supply to
demand situation. There are adequate rental
properties available to tenants, however
there’s an oversupply of for-sale listings.
Discounting is at normal levels. Incomes in
Warrnambool are growing slightly faster
than the Victoria average. The proportion of
renters to owner-occupiers is above average
for Victoria. Rental vacancy rates are a
moderate 3.2 per cent. Stock for sale levels
are down by 2.4 per cent year on year.
Source: SQM Research, www.sqmresearch.com.au (accurate to September, 2014)
f Strategic planning.
WALK SCORE6: 42
Warrnambool has a Walk Score of 42.
There are restaurants, bars and coffee
shops in Warrnambool.
Over 50 per cent of the region’s population
growth over the coming 30 years is
expected to be in Warrnambool.
n Mortgage holders
n Separate house (9080)
row or terrace house,
townhouse etc (716)
n Flat, unit or
n Other dwelling (52)
10-YEAR AVERAGE ANNUAL GROWTH5
scare buyers with a capital city budget to
spend. “For those older establishments
from the 1970s and ’80s, we’re typically
seeing between $300,000 and $350,000.
“Pushing closer into the town,
anything displaying character, anything
that’s on a wider allotment or with
proximity to the town centre, and
associated services and amenities,
you’re in that $350,000 to $550,000
McDonald says there’s the opportunity
to hold property with solid rental
prospects. Infrastructure projects
are driving a tenant base and Deakin
University helps push the market, too.
“With the healthcare, the university
and the number of infrastructure
projects through the area over recent
years, we’ve seen quite a strong rental
demand both short and long term.
“In terms of where the rental market’s
sitting, typically we see between five and
six-and-a -half per cent yields. That’s
both for resident detached dwellings
and units but it depends upon location,
condition of the improvements and
proximity to services.”
If units and townhouses take your
fancy, there’s options in Warrnambool,
but it’s mostly established stock.
“Typically the unit market down
there is characterised by your 1970s
to 1990s single-storey, two-bedroom,
one-bathroom units. In terms of a price
point, we’re sitting between the $230,000
and $270,000 mark,” McDonald notes.
He says there have been a couple
of interesting projects developing in
town – the likes of which are rare in this
One has been the Mill Warrnambool
project, which contains a mix of
detached homes, townhouses,
apartments and warehouse living set on
a 3.9-hectare site. McDonald says they’re
producing stock that’s finding previously
untapped market demand.
“It’s an old wool mill in south
Warrnambool. An old industrial use
that, over stages, is being developed into
single- and double-storey townhouses.
“It’s a higher density development...
they’re selling quite well. Sitting in
a probably $300,000 to $450,000
Densley says despite there being
strong demand from a demographic
requiring homes with land, the unit
market has stepped up recently.
“It’s very much a family-based market
Victoria n THE STATES
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