Victoria's Warrnambool fringes are good entry-level investments: HTW
The fringe suburbs of Warrnambool in Victoria consist of North Warrnambool, Dennington and the Gateway Road subdivisions.
These locations provide an affordable housing option for low to middle income earners as well as good entry level investments, according to valuation firm Herron Todd White's latest property clock, April 2016, a simple broad brush means to indicate where property prices are and where they are headed to.
Warrnambool was at the start of the recovery market for houses, while for units it was at the bottom of the market, according to HTW.
The majority of Warrnambool's fringe suburbs consists of recently built, brick veneer dwellings with house and land packages starting from $320,000 and established dwellings averaging approximately $370,000.
These suburbs are providing good rent returns for investors, with rents ranging from $350 to $450 per week based on the size and age of the dwelling. Agents advise that tenants are preferring these suburbs, which provide newly constructed properties with at least three-bedrooms and two-bathrooms, to those closer to the CBD with older dwellings with a single bathroom.
North Warrnambool appears to be the suburb performing best which can be attributed to the recently completed infrastructure and access routes to the CBD. Long term you would expect a higher capital growth closer to the CBD but these suburbs appear to be able to maintain good rental levels and relatively good affordability.
Property Observer found a recently sold home in Warrnambool's fringe suburb of Dennington around the average prices mentioned by HTW.
A three-bedroom house at 45 Adriana Crescent Dennington Vic 3280 for $345,000, according to RP Data.
