Oversupply of land benefiting Warrnambool first home buyers

Warrnambool is considered an ideal area for young buyers who want to develop a vacant parcel of land, according to HTW’s Month in Review: March 2017. 

The valuation firm says the newly developed areas of North Warrnambool, Dennington and West Warrnambool are saturated with an oversupply of vacant land and would appeal to both investors and owner-occupiers.

“The median house price in Warrnambool has had little growth over the past five years, so first time buyers shouldn’t have to worry about rapid growth and getting into the market in comparison to larger metropolitan areas,” the report says.

“First time buyers looking at the Warrnambool market should focus on saving a deposit and weighting for the right property for them to purchase.

“Their focus should be on saving a larger deposit and reducing their repayments once they make their purchase.”

A two bedroom unit at 1/4 Wickham Court, Warrnambool (above) has been listed for $220,000, having last trade for $86,500 in 2002.

Similarly a three bedroom house at 147 Whites Road, Warrnambool (below) has been listed for over $349,990.