Warracknabeal and Dimboola most affordable housing locations in Victoria

Warracknabeal in the Wimmera is Victoria’s most affordable suburb despite mooted plans for a giant topless statue of musician Nick Cave.

The median house price in the wheatbelt town is just $105,864, with 54 properties sold in the last 12 months, according to RP Data.

The town, the birthplace of Nick Cave, is nearly 300 kilometres north west of Melbourne.

According to the 2011 census the town has a population of 2,745, with 1,349 dwellings. This is up from 2,625 as indicated by the 2006 census.

Previous RP Data figures suggest the town has a median rent of $160 per week for houses. Median prices fell 8.8% last year.

Nick Cave has long harboured plans of building a giant golden statue of his likeness bare-chested on a rearing stallion. The plans have been discussed since at least 2001, but he says recent economic conditions might make constructing a giant gold statue of himself in the middle of the town seem in bad taste.

Cave is the legendary frontman  of Grinderman, The Bad Seeds and The Birthday Party.

Perhaps investors should buy now and wait for prices to no doubt skyrocket after Cave finally realises his plans.

A search on online real estate listing portals reveals more than 50 options.

A property at 32 Gardiner Street is listed for sale at $125,000, though a quick check reveals it has been on the market since August last year. It was originally listed at $137,000 before gradually dropping down. Prior to this it was listed for most of 2009 at $120,000 before being reduced to $115,000.

The three-bedroom property sits on 590 square metres and is listed through Rob Lehmann from North West Real Estate. It was listed for rent at $150 per week in January this year, giving a gross yield of around 6.25%.

The property at 111A Jamouneau Street has a similar history. It’s a three-bedroom house on 1,000 square metres listed at $120,000. It was on the market for most of 2011 at $129,500 and was relisted in August this year for $120,000 through John Hadley, again from North West Real Estate.

And 6 Kelsall Street has been listed at $99,500 through Gerry Smith First National. Marketing for the cottage suggests the property could rent at $145 per week, giving a gross yield of around 7.5%. The 1930-built property has been on the market for 475 days.

Nearby Dimboola is the second most affordable suburb in Victoria, with a median house price of $107,470.

Coleraine in the Southern Grampians is the third most affordable suburb with a median house price of $117,263.

Source: RP Data