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Goornong, VIC 3557

If you’re looking to buy, rent, or invest in property, it’s important to do your research on the suburb first. This includes looking at house prices, real estate rental market data, and other advanced metrics. Here, we’ve compiled that information for Goornong, VIC 3557 to help you make an informed decision about your property choice in this suburb.





Market Snapshot

This page provides an overview of the area’s real estate market. The data in this snapshot illustrates typical price, median rent and gross yield metrics for this suburb. You are able to visualise these 3 key metrics as well as other important indicators in the dashboard section that follows.

Buy 

2BR

3BR

4BR

5BR

Rent 

2BR

3BR

4BR

5BR

Yield 

2BR

3BR

4BR

5BR

Buy 

1BR

2BR

3BR

Rent 

1BR

2BR

3BR

Yield 

1BR

2BR

3BR

Lower Risk RCS™

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Capital Growth RCS™

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Cashflow RCS™

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Essentials
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Yield chart
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GRC chart
Fundamentals
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IRSAD chart
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Renters to owners pie chart
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unit to houses pie charts
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Demand chart
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Inventory chart
Supply

Stock on Market

Inventory

Hold Period

Building Approvals

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SOM chart
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Inventory chart
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Inventory chart
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Hold chart
Demand

Days on Market

Vacancy Rate

Clearance Rate

Search Index

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DOM chart
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Inventory chart
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Index chart
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Auction chart

How was this calculated? Typical Price is a continuous metric calculated via a process called data fitting. Median Rent is weekly advertised rent based on rentals over the preceding 12 months. Gross Yield is Median Rent x 52 x 100 / Typical Price. To discover additional information, click the “i” icon in the top left corner of each graph or visit the Data Dictionary page.

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0 thoughts on “Goornong, VIC 3557”

  1. The total adult population (15 years or older) of Goornong 3557 VIC is 572, with a median age of 40. Of those, 51.05% are married, 11.54% are divorced or separated, 34.09% are single and 3.32% are widowed.

    The average household size is 2.6 people per dwelling, and the median household monthly income is estimated to be $8,056. The median monthly mortgage repayment for households in this suburb is $1,300 which is 16.14% of their earnings.

    Source: ABS Census Data (2021)

  2. Goornong, postcode 3557, located in Victoria is a relatively small region comprised of an estimated 365 households. As of the third quarter of 2023, the typical housing prices in Goornong stand at $589,321. With a median weekly rent of $363, Goornong properties generate an indicative yield of 3.2% that meets and exceeds the minimum attractive market requirement for cash-focused property investors.

    The suburb boasts a socio-economic score of 970 out of 1217, signalling a relatively robust level of economic resources, incomes, and occupations. The region embodies a renter-to-owner ratio of just 9%, considerably below the 30% benchmark, suggesting that the market is well balanced rather than being oversaturated with rental properties.

    A critical factor in Goornong’s investment appeal lies in its units-to-houses ratio which is at 0%. This turns the spotlight on a predominant presence of houses with no unit oversaturation, which bodes well for landlords seeking long-term tenancies and solid rental yields.

    The region’s affordability index or years to own metric falls short at 29 years, indicating a high level of affordability in the area.

    Furthermore, Goornong’s supply metrics reflect encouraging signs for property investors with a stock on market Percentage of 0.27% and an inventory level of 0.86%, both coming under our favourable values indicating a tight supply in the property market.

    The building approvals Ratio for houses is at a balanced 1.64%, demonstrating a moderate addition of new dwelling stock to the market.

    In terms of demand, the days on market for houses is a bit stretched at 48 days slightly exceeding the favourable threshold. Meanwhile, the combined vacancy rate for houses and units sits at 2.94%, within a neutral demand indicator, implying a fair competition level for rental properties.

    Lastly, the buy search index for houses in Goornong is standing at 5, resonating with the state or city average searches. This shows that despite some specific metrics positioned outside of their favourable ranges, the overall property market conditions demonstrate significant potential, backed by critical favourable trends.

    Furthermore, our sophisticated RCS (Relative Composite Score) at HtAG Analytics can take these metrics into account along with 80 others to paint an even more in-depth and encompassing picture of the property investment landscape in Goornong, aiding you in making more informed and data-driven decisions.

    It’s important to note that the above analysis provides a snapshot of current value metrics but doesn’t consider metric trends, which can also significantly influence investment decisions. Moreover, some metrics have greater importance than others based on various factors, a nuance that must be understood for a holistic analysis.

    Join HtAG Analytics to visualise these metrics trends, and gain a deeper understanding of their importance. By becoming part of HtAG Analytics, you will be empowered to make informed decisions, discerning which metrics are more significant in the context of your property investment strategy.

    This content serves to inform and does not constitute investment advice. Property investment involves risks and uncertainties, and professional advice should be sought before making any investment decisions. By leveraging expert guidance, potential investors can ensure a comprehensive understanding of the complex property investment landscape.

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