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Korumburra suburb profile

Korumburra is a charming rural town located in the picturesque Gippsland region of Victoria, approximately 120km southeast of Melbourne. Known for its rich agricultural heritage, Korumburra offers a peaceful country lifestyle with a strong sense of community. The town is surrounded by rolling hills and lush farmland, providing a scenic backdrop for residents and visitors alike. Korumburra is home to the Coal Creek Community Park and Museum, which celebrates the area's history and culture. With its friendly atmosphere, local amenities, and proximity to natural attractions, Korumburra is an appealing destination for those seeking a tranquil rural retreat.

Korumburra property market performance

Korumburra's property market has shown modest growth over the past 12 months, with house values increasing by 2.5%, bringing the median house price to $600,000. The unit market remains stagnant, with no change in median value and limited sales activity, as only one unit was sold in the past year.

Sales activity for houses has been relatively low, with 17 houses sold over the last 12 months. Houses are spending a median of 58 days on the market, while the single unit sale took 130 days, indicating a slower market for units.

The rental market for houses in Korumburra has seen a slight increase, with average rent rising by 2.1% to $480 over the past year. The unit rental market remains inactive, with no recorded changes in rent.

HousesUnits
Median price
Past 3 months
$560KN/A
Change in value
Past 12 months
1.0%N/A
Sold
Past 3 months
181
Median days on market
Past 12 months
53130
Average rent
Past 12 months
$485N/A
Change in rent
Past 12 months
3.2%N/A

5 year median price trend for houses and units

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Korumburra demographics

Korumburra, nestled in the rolling hills of South Gippsland, Victoria, is a charming rural town known for its rich history and community spirit. With a population of 4,749, it offers a peaceful lifestyle away from the hustle and bustle of city life. The median age of 47 suggests a mature community, with many residents enjoying the tranquility and slower pace that Korumburra provides. This makes it an attractive location for retirees and families seeking a more relaxed environment.

The town's housing landscape is characterized by a high rate of home ownership, with 43.6% of properties owned outright and 36.4% owned with a mortgage. This indicates a stable community with long-term residents who have established roots in the area. Only 20% of properties are rented, reflecting a preference for home ownership and a commitment to the local community. The median total household income of $1,175 per week aligns with the town's rural setting, where the cost of living is generally lower than in urban areas.

Family life in Korumburra is vibrant, with 37.1% of families being couples with children and 44.5% being couples without children. The presence of one-parent families, making up 16.7% of the community, adds to the diversity of family structures in the town. Korumburra's community-oriented atmosphere, combined with its scenic landscapes and historical charm, makes it a desirable place for those looking to enjoy a balanced and fulfilling lifestyle in a supportive environment.

Suburbs near Korumburra

Some popular suburbs near Korumburra include:

  • Bena: A small rural community known for its scenic landscapes, Bena is located to the west of Korumburra.
  • Poowong: Known for its dairy farming and community spirit, Poowong lies to the northwest of Korumburra.
  • Leongatha: A bustling town with a strong agricultural base, Leongatha is situated to the southeast of Korumburra.
  • Leongatha South: Offering a mix of rural and residential areas, Leongatha South is located just south of Korumburra.
  • Loch: Known for its historic charm and boutique shops, Loch is situated to the northwest of Korumburra.

How does Korumburra compare to nearby suburbs?

  • Median house prices: Korumburra’s median house price is 11.1% lower than Leongatha’s.
  • House price growth: Property prices in nearby Leongatha have risen 2.5% more than in Korumburra over the past year.
  • Selling speed for houses: Properties in Korumburra are selling 36.1% faster than in Leongatha.
  • Selling speed for units: Properties in nearby Leongatha are selling 34.6% faster than in Korumburra.

Choose the right real estate agents in Korumburra

Currently, there are 27 real estate agents working in Korumburra—but not all agents deliver the same results. The right agent could make a huge difference to your final sale price.

Only 5 out of these 27 agents sold 66.0% of all properties in Korumburra over the past year. Choosing one of these top-performing agents means tapping into proven expertise for a better sale outcome.

Real estate agents in Korumburra typically charge a commission of 2.11% to 3.13%. Negotiating a fair commission rate and the right structure can motivate your agent to work even harder, helping you sell for more and potentially saving you thousands of dollars.

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