Question 1

Is Korumburra a nice place to live?

Accepted Answer

Korumburra is a compact country town in South Gippsland set among rolling dairy country and the foothills of the Strzelecki Ranges. Its tidy main street of early twentieth century brick and timber buildings and Coal Creek Community Park and Museum reflect the town’s rural and mining past. The town functions as a service centre for surrounding farms, with shops, cafes, schools, sporting clubs and community facilities, and housing ranges from period cottages and workers’ homes to suburban houses and rural lifestyle blocks, making for a quiet, practical rural lifestyle with good road links to larger Gippsland centres.

With a population of 4,749 and a median age of 47, Korumburra is weighted towards couple families, who make up 81.6% of families, and most homes are owner occupied (80.0% owner occupied, 20.0% rented). Several council and state-led projects are under way or planned, including a railway precinct redevelopment with new parking and upgraded station amenities, streetscape works, a Community Hub housing the Myli library, upgrades at the recreation reserve and funding for extensions of the Great Southern Rail Trail. Whether Korumburra suits you will come down to the kind of rural community you are after.

Question 2

Is it expensive to live in Korumburra?

Accepted Answer

For Korumburra, comparing current housing costs with the typical local household income recorded at the last Census shows that a house rented at about $485 a week would take roughly 41.3% of a typical household's weekly income of $1,175 at the time. The median house price of $587,500 is about 9.6 times a typical local household's annual income at the last Census, so buying sits at a high multiple of local incomes.

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 Korumburra a good place to invest?

Accepted Answer

House values in Korumburra climbed 5.6% over the past 12 months, a solid rise in the capital value of houses. Over the same period house rents increased 2.1%, a modest gain in rental income. Together those figures show that, for houses, price growth outpaced rent growth during the year.

If capital gains are your priority, the value change is the most relevant figure; if steady rental income is what you need, the rent change is the number to watch. Whether that balance fits your plans depends on your personal goals 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	$588K	N/A
Change in value Past 12 months	5.6%	N/A
Sold Past 3 months	20	2
Median days on market Past 12 months	46	80
Average rent Past 12 months	$485	N/A
Change in rent Past 12 months	2.1%	N/A

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