Warrnambool

[RLeon]

Any thoughts? I have moved down here to work on the gas plants from Melbourne earlier this year. Found it really tough to get a rental as the vacancy rate is around 0.8%. Purchased a church renovation for $415k that was being tennanted long term for $550 a week. Rental yields are very strong and looking back on recent growth seems to be very positive also. Mortlake has the new gas fired power station, Port Campbell has BHP, Origin and Truenergy Gas plants and most people employed by these companies live in or around Warrnambool. There seems to be alot of positive industry and employment in the area and i was just wondering what other peoples thoughts are. I wont be getting rid of my city investments however i am thinking about getting another IP here shortly

 

[our obsession]

I attended school there for a few years, lived there and around that region also, it has shown steady growth, expansion and prospered over longterm.

Remember it's population is far greater as a 'catchment' city for southwest region, than it's approx 28,000 people. Bernard Salt the demographer calls them, "sponge cities', absorbing the surrounding areas of more rural towns, farmlets etc.. Victoria is unique with this, each region of it has similar, you can find people trending to retire into their nearest catchment city, Warrnambool being one of them, as well as by the sea and a relatively popular, well known tourist hub. Not to even count it's other industries, and don't forget it's farming/dairying notoriety. Then the industry that you are involved in..

I'm not one to follow people who 'hotspot' areas, I've lived in enough places of Victoria to understand how regional towns and cities are fairing and how they have progressed but Terry Ryder does do a nice little summary from 20 months-ish ago, here:

http://www.theaustralian.com.au/bus...d-to-warrnambool/story-e6frg9df-1111118691801

Excerpt:

Warrnambool. This is a regional centre that's pretty sturdy even without the boost from major projects: it has a strategic location, a population above 30,000, a diverse economy and is projected to continue growing steadily over the next 20 years.

-Warrnambool is on the ocean between the Hopkins River and the Merri River, and at the junction of three major highways: the Princes Highway, the Hopkins Highway and the Great Ocean Road.

-It's the principal service centre for southwestern Victoria, the capital of the Great South Coast, Victoria's fifth largest city, and a popular tourism and retirement destination about three hours by road from Melbourne.

-There are daily rail links to the state capital. (I personally believe there is room for improvement within the transport, bus and rail, it is getting attention and lobbying).

-The Department of Sustainability and Environment describes Warrnambool as the only centre in western Victoria with significant population growth (currently 1.7 per cent) and expects it to continue growing, with its attractiveness to young adults for education and job opportunities.

-The state Government projects the population to rise from 31,000 in 2006 to 36,000 in 2016 and 42,000 in 2031.

-Warrnambool has been included among the top 25 most liveable locations in Australia by My Business magazine because ofits seaside situation, suitability for families and diverse job opportunities. Major industries include retail, tourism, education, health, dairy, meat processing and construction.

You would know yourself how easy on the eye the city is, how enjoyable it is to live there, the activities available, the damn fine dining....rah rah...

 

[our obsession]

-The averaged out growth per annum for Warrnambool, 1994 to 2005, for that decade was approx. 9.4%, (stats via Vic Valuer General which compiles ALL sales).

-The decade averaged out growth p/annum for 1998 to 2009 was 10.1%, units/apartments approx same, growth in vacant land block prices was 15%. (Source Vic Valuer -General).

City Council Updates site:

http://www.warrnambool.vic.gov.au/page/page.asp?Page_Id=310

Wikipedia tidbits:

http://en.wikipedia.org/wiki/Warrnambool,_Victoria

Economy

Warrnambool Harbour looking north from the breakwaterWarrnambool attracts approximately 715,000 visitors per year, and is a comprehensive regional service centre. The town's tourism benefits from the views from the Great Ocean Road, and its nearby beaches, some of which are used for surfing. In the winter months, Southern Right whales can be seen in the waters near the city at the Logan's Beach nursery, and boats make whale-watching tours. Visitor levels are usually higher during the winter school holidays due to Australia's Biggest Children's Festival, the Fun4Kids Festival.[citation needed]

The mainstay of the economy is agriculture and its support industry - particularly dairy farming and associated milk processing. Other major industries and services include retail, education, health, meat processing, clothing manufacture and construction. The Fletcher Jones and Staff Pty Ltd clothing factory opened in 1948 and was closed in 2005

ABS site, census fun, (2006):

http://www.censusdata.abs.gov.au/AB...oducttype=QuickStats&breadcrumb=PL&action=401

Incidently the averaged out growth of smaller communities around Warrnambool are steady and strong too.

 

[our obsession]

I haven't any IP's in Warrnambool RLeon, for affordibility entry into investing I am further inland in Central Victoria and Western Victorian regional catchment cities.

I still family and friends in Warrnambool, their property values continue to increase in value.

The place is in final countdown to it's new health facility:

SWH launches $3.5m appeal for medical equipment for state-of-the-art new hospital
Updated: Thursday, 28 October 2010

Contributed by Suzan Morey

South West Healthcare has launched a major fundraising appeal to purchase the high-end equipment needed to complete Warrnambool’s new $115 million base hospital, set to open in May.
The Board has appointed Bill Phillpot as the Chair of the SWH Warrnambool Base Hospital Capital Appeal Committee which has taken on the task of raising the $3.5 million needed to provide the necessary equipment to ensure the community has the most modern and technologically advanced health service in regional Australia.

He'll be ably assisted by committee members, Deputy Chair John Hunt, Mike Raselli, Dr Mike Page, SWH Board Directors Sharon Muldoon, Felicity Melican, Chris Logan and Steve Callaghan and Project Manager Deb Emmerson.

‘We truly have a great health service here in Warrnambool that serves the entire South West region and we have a once-in-a-lifetime opportunity to ensure that it’s equipped with the most modern technology regional Australia has ever seen,’ says Bill.

They also have their new MRI machine!!!!

And:

Premier names SWH Victoria’s best regional health service
Updated: Tuesday, 12 October 2010

Contributed by Suzan Morey

At a gala awards ceremony in Melbourne this week Premier John Brumby named South West Healthcare the 2010 Victorian Regional Health Service of the Year. There is no higher accolade for state recognition of work well done.
‘Each year these awards provide an important opportunity to acknowledge and celebrate the dedicated health professionals and organisations who every single day are working to provide the best possible health care to the Victorian community,’ Premier Brumby told the 400 guests who attended the 2010 Victorian Public Healthcare Awards.

A record 310 entries were received for 18 award categories. The spotlight was on excellence and innovation. South West Healthcare excelled on both fronts during 2009-10. And, extra impressively, all during a period of workplace challenges courtesy of large scale redevelopment projects at both the organisation’s Warrnambool and Camperdown hospitals.

Accepting the award on SWH’s behalf, Board Chairman Sharon Muldoon delivered a moving speech highlighting the dedication and commitment of the 1,159 staff that make up South West Healthcare.

(Yes I have family and friends involved in the health system there).....same site, but they have a new site too now, link is there somewhere..

 

[RLeon]

Thanks for the input guys, I like the briefing on the new base hospital upgrades. My partner just started work there this week (midwife). We are both under 30 and have a few IP's in the western suburbs of Melbourne (where we are originally from). Our parents both invest in Melbourne and have been very helpful in educating us to this point. The funny thing is, we have done well there so far (as have our parents) and havent yet ventured out to invest anywhere else. It just seems like there is so much potential down here and i am glad i have taken my blindfold off. I think in the next few years we might get a few more before we have kids and get married (well i say a few years- she says a few monhs, haha)... Thanks again

 

[pursefattener]

Hello Rleon , I have had IP's in Warrnambool since the 90's and know the area well . Rental demand always seems to be strong with a good quality of tenant . There has been a lot happening around the SW these last few years .

I also have two properties up in Mortlake but I'm not sure what will happen up there once work finishes up on the power station . Since the Geelong bypass was done traffic through Mortlake has increased a lot. When you look on a map Mortlake is in a good strategic spot....

I agree with OO , Warrnambool is a great town to live in . Only down side for me is the weather at times and the state of the Prince's highway through to Geelong although this looks like being addressed .

One of my tenants is working up at the Mortlake power station and talking to him last week he said he would be finishing up before Chistmas as work there is coming to a peak .

 

[RLeon]

Thanks for the info PF- The guys living next door to me are also working at the power station and will be finishing up in March. There will of course be quite a few leave the area after construction is complete but in saying that there will also be a few moving to the area to operate and maintain the place. There will more leave than come but its not a straight ghost town walk out for Mortlake i guess. Have had a good look this week and i am convinced my next property will be there...
Cheers

 

[pursefattener]

Warrnambool is getting quite pricey for a regional hub IMHO . I read a couple of days ago that Terang showed a 30% rise in the year to June and Port fairy to a lesser extent . A number of middle income types might look at Mortlake a bit harder as it is not a tough commute down into Warrnambool , dunno . If all these energy projects actually go ahead then it's certainly got to help I would think .

I like Warrnambool and thought I might move down there in years to come .

 

[pursefattener]

Welcome to the forum by the way...

 

[our obsession]

I keep an eye on all my old haunts:

-Both Mortlake and Terang (for decade 98-09), ended up averaging out to 12.5% growth p/annum.

-Colac averaged out to 9.7%

-Lorne 11.9%

-Port Fairy, a quiet average , was 8%

-Portland 11%

-Camperdown 11.5%

-Hamilton 11.9%

-Apollo Bay 12.1%

-Warrnambool 10.1%

(Victorian Valuer General stats)

She is beautiful country alright. Got the double whammy. Business and pleasure.

 

[pursefattener]

Mortlake and Terang have more lower income households than say , Portfairy and Lorne for sure . Not a lot has been going on in the area until now and the growth in the last few years has been the ripple effect from Warrnambool IMO .

Now though . there is that much going on in the area that these towns might be worth a second look .

 

[RLeon]

Welcome to the forum by the way...

cheers

 

[kaz101]

Thanks for info on Warrnambool and especially Mortlake.

We are looking at buying in Warrnambool and have been offered a property in Mortlake as a private sale. However when I investigated I was concerned that the higher rentals were mainly to contractors who would be leaving the area soon. So this has confirmed those thoughts.

regards,
Karen