Question 1

Is Bannockburn a nice place to live?

Accepted Answer

Bannockburn is a semi-rural town on the northern edge of the Geelong region, set among rolling grazing paddocks and pockets of native bush with a compact village centre. Housing ranges from weatherboard cottages and farmhouses to rural-residential blocks and newer estates, and the town attracts families and people looking for more space while commuting to regional centres by road. Community life centres on sporting clubs, a small retail strip and local schools, and the town provides straightforward access to larger centres for shopping and services. Bannockburn is home to 6,470 people with a median age of 35 years.

The community is weighted towards families — couple families with children are the largest group and, together with couples without children, account for 87.8% of families — and most homes are owner-occupied (88.7%). Growth is being guided by the Bannockburn Growth Plan and precinct structure work led by the Victorian Planning Authority, and regional bodies are advocating investigation of passenger rail and a future station. Local projects under way include school upgrades and new sports facilities, plus a social and affordable housing strategy. Whether Bannockburn suits you will come down to whether you want a semi-rural base with room to grow and expanding local services.

Question 2

Is it expensive to live in Bannockburn?

Accepted Answer

Housing costs sit differently depending on whether you're renting or buying in Bannockburn. With house rents around $625 a week and a median household income of $2,055 a week as recorded at the most recent Census, renting a house would take about 30.4% of a typical local household's weekly income, which is a sizeable share.

Buying is more stretched: the median house price of $830,000 is about 7.8 times a typical local annual household income at the last Census (annual income = $106,860). On these figures buying sits well above local incomes, while renting takes a sizeable share; whether that feels expensive depends on your own income and circumstances.

Everyone's financial situation is different, so it's important to consider your own circumstances when deciding which suburb is right for you.

Question 3

Is Bannockburn a good place to invest?

Accepted Answer

House rents in Bannockburn climbed 5.9% over the past year, while median house values rose a more modest 3.8%. That means the rental income side has grown faster than capital value for houses over the last 12 months.

For someone weighing Bannockburn up as an investment, the rent figure is what matters for rental income and the value figure is what matters for capital growth. Whether that balance suits you depends on your objectives and circumstances.

This information has been prepared without taking your objectives, needs and overall financial situation into account. It is not meant to be a substitute for professional financial advice. For this reason, you should consider the appropriateness of the information and, if necessary, seek appropriate professional advice.

	Houses	Units
Median price Past 3 months	$830K	N/A
Change in value Past 12 months	3.8%	N/A
Sold Past 3 months	23	N/A
Median days on market Past 12 months	36	N/A
Average rent Past 12 months	$625	N/A
Change in rent Past 12 months	5.9%	N/A

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