Victoria's Warrnambool heads toward gentrification era: HTW
Warrnambool is Victoria's largest coastal city outside Port Phillip Bay and East Warrnambool in particular is starting to feel the effects of gentrification, according to property valuation firm Herron Todd White.
In their property clock for March 2016 -- a simple broad brush means to indicate the state of the market -- the valuation firm also dealt with the issue of gentrification in detail, including a section on Warrnambool.
East Warrnambool is an established residential area of Warrnambool, with development consisting of 1950s to 1980s built homes.
"This area is starting to become more popular and heading towards a gentrification era, with the key driving factors being the relatively affordable nature of the suburb and its proximity to the CBD, beach and Hopkins River," said HTW.
Most purchasers looking at an East Warrnambool location want to be able to buy at an affordable level and spend the money on either renovations or small developments, as there is no land in this area for larger residential developments.
The five-year outlook for this area of Warrnambool is strong with purchasers hopefully being able to increase their capital in time, say HTW.
The median house price in Warrnambool was $322,500, while for units it was $260,000, according to recent RP Data.
As an example, a three-bedroom house at 1 Selby Road, Warrnambool, Vic 3280 (above) traded hands for $327,000, around the median price.
