Question 1

Is Paynesville a nice place to live?

Accepted Answer

Paynesville is a lakeside town on the Gippsland Lakes with marinas, a passenger ferry to Raymond Island and gateway access to the waterways and Ninety Mile Beach.

The community is older, with 66.4% of families being couples without children and many households owning their homes outright. Daily life revolves around boating, fishing and birdwatching, and the compact town centre has cafes, shops and local services. The Slip Road Maritime Precinct upgrade is in its final stages, with floating pontoons and an approximately 80-metre jetty installed and a new, longer commercial boat ramp prefabricated as part of the works.

Question 2

Is it expensive to live in Paynesville?

Accepted Answer

On the figures for Paynesville, housing costs sit high against what a typical local household earned at the most recent Census. A typical local household earned about $987 a week at that Census, and with house rents averaging $520 a week a household would spend roughly 53% of that weekly income on rent. Unit rents at $360 a week would take about 36% of a typical local weekly income. The median house price of $545,000 works out to about 10.6 times a typical local annual household income, so buying a house sits well above local incomes on these numbers.

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 Paynesville a good place to invest?

Accepted Answer

A striking contrast appears in Paynesville, where unit values rose 4.9% while unit rents fell 6.5% over the past 12 months. Houses moved more modestly, with values up 2.0% and rents up 4.0%.

Put simply, houses showed modest gains in both capital growth and rental income, while for units capital growth and rental income moved in opposite directions.

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	$545K	N/A
Change in value Past 12 months	2.0%	4.9%
Sold Past 3 months	29	6
Median days on market Past 12 months	67	97
Average rent Past 12 months	$520	$360
Change in rent Past 12 months	4.0%	-6.5%

	Suburb	VIC
Median age years	62	38
Median household income weekly	$987	$1,759
Couples with children share of families	20.6%	45.5%
Couples without children share of families	66.4%	37.6%
One-parent families share of families	12.0%	15.2%
Homes owned outright share of homes	58.4%	33.2%
Homes with a mortgage share of homes	19.9%	37.3%
Homes rented share of homes	21.7%	29.5%

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