Question 1

Is Burrill Lake a nice place to live?

Accepted Answer

Burrill Lake centres on Lake Burrill, with native bush, waterfront reserves and a compact village centre.

It is an older community with incomes below the NSW median and many households owning their homes outright (48.5%). Boating, fishing and lakeside walks are regular pastimes, housing ranges from older weatherboard cottages to newer brick homes and holiday houses, and the village centre meets everyday needs while the Princes Highway and nearby centres provide links to wider services. The Burrill Lake foreshore rehabilitation at Smithys Point (Lions Park) has been approved and involves beach scraping, foreshore shaping and vegetation works to stabilise the shoreline.

Question 2

Is it expensive to live in Burrill Lake?

Accepted Answer

On these figures, Burrill Lake's typical local household earned $1,183 a week at the most recent Census. A house rent of $575 a week would take about 49% of that weekly income, which is a large share. Looking at buying, the median house price of $875,000 works out to about 14.2 times a typical local annual household income (the Census weekly income multiplied by 52), which sits well above local incomes. So on the numbers here, renting would take a large slice of a typical local household's income and buying is far more stretched against what households in Burrill Lake earned at the last Census.

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 Burrill Lake a good place to invest?

Accepted Answer

For Burrill Lake, the house market shows a solid rise in values alongside a more modest lift in rents: over the past 12 months house values rose 9.0% while house rents increased 4.5%. For houses, the value change is a measure of capital growth and the rent change reflects rental income, and in this case capital growth outpaced rental income.

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	$875K	N/A
Change in value Past 12 months	9.0%	N/A
Sold Past 3 months	15	N/A
Median days on market Past 12 months	79	N/A
Average rent Past 12 months	$575	N/A
Change in rent Past 12 months	4.5%	N/A

	Suburb	NSW
Median age years	48	39
Median household income weekly	$1,183	$1,829
Couples with children share of families	34.4%	44.7%
Couples without children share of families	48.6%	37.9%
One-parent families share of families	16.1%	15.8%
Homes owned outright share of homes	48.5%	32.6%
Homes with a mortgage share of homes	31.0%	33.6%
Homes rented share of homes	20.5%	33.7%

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