Narre Warren suburb profile
Narre Warren is a bustling suburb located in Melbourne's southeast, approximately 38km from the CBD. Known for its family-friendly atmosphere, it offers a mix of residential, commercial, and recreational amenities. The suburb is home to the expansive Westfield Fountain Gate, one of Australia's largest shopping centres, providing a wide range of retail and dining options. Narre Warren also boasts excellent transport links, including the Monash Freeway and a well-serviced train station, making it a convenient location for commuters. With its blend of modern housing developments and established homes, Narre Warren continues to attract families and professionals seeking a balanced suburban lifestyle.
Narre Warren property market performance
Narre Warren’s property market has shown modest growth over the past 12 months. House values have increased by 2.6%, with the median house price now at $746,000. Unit values have seen a smaller rise of 0.9%, bringing the median unit price to $560,000. This indicates a steady demand for both property types in the area.
Sales activity has been active, with 66 houses and 17 units sold in the past 12 months. Houses are selling relatively quickly, with a median of 22 days on the market, while units take slightly longer at 30 days, suggesting a healthy interest in the housing market.
The rental market in Narre Warren has experienced significant growth, with house rents increasing by 12% and unit rents by 11.1% over the last 12 months. This reflects a strong demand for rental properties in the suburb.
Median price - houses$746KPast 3 months
Median price - units$560KPast 3 months
Change in value - houses2.6%12 months
Change in value - units0.9%12 months
Houses sold66Past 3 months
Units sold17Past 3 months
Median DOM - houses22Past 12 months
Median DOM - units30Past 12 months
Average rent - houses$560Past 12 months
Average rent - units$500Past 12 months
Change in rent - houses12.0%Past 12 months
Change in rent - units11.1%Past 12 months
Narre Warren demographics
Narre Warren, located in Melbourne's southeastern suburbs, is a thriving community known for its family-friendly environment and suburban charm. With a population of 27,689, it offers a balanced lifestyle with a mix of urban conveniences and green spaces. The median age of 35 suggests a vibrant community of young families and professionals who appreciate the suburb's accessibility to both the city and natural attractions.
The suburb is predominantly composed of couple families with children, making up 50.1% of the population, which highlights its appeal to those seeking a nurturing environment for raising families. Additionally, 30.8% of households are couple families without children, indicating a diverse demographic that includes both young couples and empty nesters. One-parent families account for 17.3%, reflecting a supportive community for various family structures.
In terms of property ownership, Narre Warren presents a stable housing market with 26.1% of properties owned outright and 44.8% owned with a mortgage. This suggests a strong sense of community and long-term residency among its inhabitants. The rental market, comprising 29.1% of properties, provides options for those seeking flexibility, including young professionals and families transitioning into homeownership. With its blend of community spirit, accessibility, and amenities, Narre Warren continues to be a desirable location for many Australians.
Narre Warren infrastructure, key developments and investment opportunities
Narre Warren is experiencing significant developments that could impact its property market. The ongoing expansion of Westfield Fountain Gate, already Australia's second-largest shopping centre, continues to enhance local retail and entertainment options, potentially boosting property values in surrounding areas. Additionally, the suburb's transport infrastructure is improving, with upgrades to the Narre Warren railway station and bus interchange at Fountain Gate Shopping Centre enhancing connectivity and potentially increasing demand for properties near these transport hubs.
The City of Casey's long-term vision for Narre Warren includes plans for a revitalized town center, focusing on creating more diverse housing options and improving public spaces. This urban renewal initiative, coupled with the suburb's proximity to both the Dandenong Ranges and Port Phillip Bay, is likely to sustain strong interest in the local property market. The continued development of educational facilities, including expansions at Narre Warren South P-12 College, further enhances the area's appeal for families, potentially driving demand for family homes in the suburb.
Narre Warren rental market trends
The rental market in Narre Warren is experiencing robust growth, with house rents increasing by 12% over the past year to $560 per week, while unit rents have risen by 11.1% to $500 per week. This suburb continues to attract renters and investors alike, thanks to its strategic location and ongoing development, making it a promising area for future growth.
Suburbs near Narre Warren
Some popular suburbs near Narre Warren include: