Nestled across approximately 95.9 square kilometres in North East Victoria’s picturesque landscape, Yarrawonga exudes a unique charm that has evolved steadily over the past five years. The home of golf courses, speed boats, and warm weather – as the saying goes – Yarrawonga has more sunny days on average than Queensland; the region has long been a go-to for retirees seeking sunshine but not wanting to move to Queensland. With 10 parks dotting nearly 1.6% of its total area, this haven has seen recent notable growth, with a population of 7,056 in 2011 and surging to 7,916 by 2016, marking an impressive 12.2% increase. The prevailing age group in Yarrawonga falls within the 60-69 years bracket, lending a distinctive demographic flair to this thriving community.
Why We Love It:
Yarrawonga’s allure lies in its tranquil lakeside lifestyle complemented by easy access to scenic attributes. Families, couples, and investors are drawn to its serene ambiance and vast natural landscapes. With its ample green spaces and waterways, plus a close-knit community feel, it’s an ideal haven for those seeking a peaceful yet progressive place to call home. The area’s suitability to established families and professional couples is reflected in the predominant household makeup, often repaying mortgages ranging from $1000 to $1399 per month. Its appeal to trade occupations also goes a long way to fostering a diverse and vibrant community ethos.
There are currently fantastic buying opportunities for young families, including near-new 3-bedroom homes under the $650,000 price tag, just a few streets back from Lake Mulwala. Moderately priced established homes in close proximity to the water, we feel, will steadily appreciate in value. One example is a perfectly presented move-in ready turnkey solution home at 6 Courtney Street, Yarrawonga. 35 Madden Drive, Yarrawonga is also a good buy at a whisker above the median house value of $613,000. Such properties represent far greater lifestyle opportunities in comparison to new release housing estates located on the South side of the Murray Valley Highway, several kilometres back from the lake.
Development:
Over the past five years, Yarrawonga has seen notable development across its commercial and residential sectors. The local shops and commercial areas have flourished, catering to the growing community with a diverse array of services and amenities. Additionally, the tourism sector has gained traction, drawing visitors enchanted by the area’s natural splendor and tranquil ambiance. The housing landscape has evolved to accommodate modern preferences, aligning with sustainability initiatives while maintaining the suburb’s inherent allure.
Yarrawonga epitomises a harmonious blend of beauty and progress. As this suburb continues to evolve, it remains a coveted destination within Victoria, appealing to families, couples, and investors seeking a serene yet vibrant lifestyle amidst nature’s beauty and a community ethos that embraces growth and inclusivity.
35 Madden Drive, Yarrawonga, Victoria, 3730
6 Courtney Street, Yarrawonga, Victoria, 3730
Suburb Insights for Houses in the Last 12 Months
Yarrawonga presents a unique real estate landscape, showcasing figures that highlight its distinctive appeal and evolving market trends. Over the past year:
$613K Median Sale Price: Yarrawonga’s median sale price stands at $613K, exceeding the national average of $485K. This signals the suburb’s propensity for higher property values, attracting those seeking a blend of value and lifestyle.
-5.04% Median Sale Price Change (1yr): While the national average saw a 4.30% increase in median sale prices, Yarrawonga experienced a 5.04% decrease in the past year. This could suggest a localised market adjustment or a specific trend within the suburb’s housing market.
$480pw Median Rent: The median rent of $480pw outstrips the national average of $395pw, indicating a strong demand for rental properties within Yarrawonga.
4.1% Median Gross Yield: Despite a slightly lower gross yield compared to the national average of 4.24%, the suburb remains an attractive prospect for property investors due to its relatively higher rental rates and potential for growth.
Properties Sold in Last 12 Months: A total of 118 properties changed hands in the past year, showcasing a steady level of market activity within the suburb.
Average Days on Market: Properties typically spent an average of 112 days on the market, suggesting a stable demand yet a longer timeframe for property sales within Yarrawonga.
These statistics paint a nuanced picture of Yarrawonga’s housing market. While experiencing a recent decrease in median sale price, the suburb maintains its appeal with higher-than-average property values and rental rates. The steady market activity showcases ongoing interest in this serene locale, offering a blend of value, lifestyle, and potential for investment.
Data within this article has been sourced from Core Logic. Published 13 Jan, 2024
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