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.
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