In 2019, an Ipsos survey declared Warrnambool Australia’s most liveable regional city – and it is easy to see why. The city is rich in history and enjoys breathtaking views of some of the country’s most dramatic coastline. And, while it may be fairly remote, it is well serviced, with almost everything a resident could need within easy reach.
Located on Victoria’s Shipwreck Coast, Warrnambool sits approximately 265km southwest of Melbourne. It is the centre of the City of Warrnambool and an administrative and commercial hub for the surrounding area. It is also the end of the world-renowned Great Ocean Rd and enjoys a steady stream of visitors throughout the year.
While several factors have driven its long-term growth, Warrnambool’s significant maritime history has been particularly integral to its success. During the 1850s, the area was an important port servicing the Victorian goldfields, which brought in both wealth and residents. The city is also home to several historic lighthouses, the infamous Loch Ard shipwreck, and the multi-award winning Flagstaff Hill Maritime Museum.
Prior to the practice being outlawed almost 100 years ago, Warrnambool was also a leader of the Australian whaling industry. Since then, the area has become a hotspot for whale watching, with a Southern Right whale nursery located nearby. During the Winter breeding season, multiple companies offer tours and fluking whales can often be seen just offshore.
In the warmer months, visitors to Warrnambool can go swimming and surfing at the area’s many beaches. There are also ample other animal watching opportunities, with the coastline frequented by fur seals, little penguins, dolphins, and albatross. The city is also known for its green spaces, including the impressive Royal Botanic Gardens and expansive Lake Pertobe precinct.
Those planning a longer stay will appreciate the strong local economy, largely built on agriculture and its supporting services. Warrnambool residents also have easy access to a range of dining and shopping options, multiple schools, and two hospitals. There are also two train stations offering regular services into Melbourne, strong road links, and an extensive local bus network.
Luke and Julian each have over 20 years of property investment experience.
Much like other regional areas, and particularly those popular with tourists, Warrnambool has a surprisingly complex property market. As such, careful research and local insight is required to identify the best opportunities and secure a great deal. So, if you are not familiar with the area, we recommend consulting someone that is, like a professional buyers agent.
As the most highly populated region in Victoria’s southwest, property in Warrnambool tends to be more expensive than in surrounding areas. That said, because of its relative remoteness, it remains reasonably affordable when compared to areas closer to Melbourne. This is particularly true when compared to other coastal locations, including other key areas along the Great Ocean Road.
As you would probably expect, within Warrnambool, properties with ocean views and easy beach access are the most desirable. Larger, family homes are also broadly popular, particularly when they are close to the city centre. That said, updates are generally required to compete with the new developments in the expansion areas to the city’s north.
Warrnambool also has quite a robust rental market, with the rental population generally sitting at about 25% – 30%. Competition for rental properties is also fairly strong and the local vacancy rate tends to be very low. This helps to keep rental returns relatively high, with all property types usually capable of achieving yields of around 4%.
If you are considering investing in Warrnambool property, we can help you find the perfect place. Our team of experienced buyers agents can advise on everything from individual property selection to overarching investment strategy setting. We can also manage the whole investment process for you, saving you significant time, energy, and stress.
To do this effectively, we first need to understand exactly who you are and what you want to achieve. This will allow us to tailor our service to fit your unique situation and goals. It will also guide us on what we should be looking for in an investment property for you.
Once we have helped define your search criteria, our research specialists will start working on identifying suitable properties. In doing this, they will collect current market data and analyse historical growth and rental trends. They will also look into local development and investment plans, and forecast what these mean for future growth potential.
All this insight will be provided to you, along with a shortlist of the properties that best suit your requirements. We will also support you to do your own research and choose the opportunity that most appeals to you. We can even arrange all the standard checks for you, to make sure you know exactly what you are buying.
If you do decide to proceed with a property, we will represent you throughout the purchasing process. As part of this, our team of expert negotiators will do everything they can to secure you the best possible deal. This includes helping keep you focused on the numbers and making sure you do not overcommit and compromise your returns.
Whether you are new to property investing or just need some assistance growing your portfolio, Search Party Property can help. Contact us today to discuss our services and how we can support you on your investment journey.