Wallan suburb profile
Wallan is a rapidly growing suburb located approximately 45km north of Melbourne's CBD, offering a blend of rural charm and urban convenience. Known for its family-friendly atmosphere, Wallan features a range of amenities including schools, parks, and shopping centers, making it an attractive destination for families and first-home buyers. The suburb benefits from excellent transport links, with easy access to the Hume Freeway and a local train station providing connectivity to Melbourne. With its scenic surroundings and community-focused lifestyle, Wallan continues to appeal to those seeking a balance between city access and a peaceful environment.
Wallan property market performance
Wallan's property market has shown stability over the past 12 months, with house values remaining unchanged and unit values experiencing a modest increase of 3.5%. The median house price has held steady at $600,000, while units have averaged $455,000, indicating a slight shift in demand towards units.
Sales activity has been moderate, with 69 houses and 6 units sold in the past 12 months. Houses are selling slightly faster than units, with a median of 51 days on the market compared to 56 days for units, suggesting a balanced demand across property types.
The rental market in Wallan has seen some growth, with average rent for houses increasing by 4.4% and units by 2.4% over the last 12 months, reflecting a steady demand for rental properties in the area.
Median price - houses$600KPast 3 months
Median price - units$455KPast 3 months
Change in value - houses-1.6%12 months
Change in value - units3.5%12 months
Houses sold69Past 3 months
Units sold6Past 3 months
Median DOM - houses51Past 12 months
Median DOM - units56.5Past 12 months
Average rent - houses$470Past 12 months
Average rent - units$420Past 12 months
Change in rent - houses4.4%Past 12 months
Change in rent - units2.4%Past 12 months
Wallan demographics
Wallan, located in Victoria, is a growing suburb known for its family-friendly environment and community-oriented lifestyle. With a population of 15,004 and a median age of 33, Wallan attracts young families and professionals seeking a balance between urban amenities and a suburban lifestyle. The suburb's proximity to Melbourne makes it an appealing choice for those who commute to the city for work while enjoying the benefits of a quieter residential area.
The housing market in Wallan is predominantly owner-occupied, with 59% of properties owned with a mortgage, reflecting the suburb's appeal to new homeowners and families looking to establish roots. Additionally, 19.3% of properties are owned outright, indicating a stable community with long-term residents. The rental market, comprising 21.8% of properties, provides options for those seeking flexibility or temporary accommodation.
Family dynamics in Wallan are diverse, with 51.6% of households being couple families with children, highlighting the suburb's family-centric nature. Couple families without children make up 30% of the households, while one-parent families account for 17.4%, showcasing a supportive community for various family structures. Wallan's blend of affordability, community spirit, and accessibility to Melbourne makes it an attractive destination for families and individuals alike.
Wallan infrastructure, key developments and investment opportunities
Wallan is experiencing significant growth and development that is likely to impact its property market. The $1 billion redevelopment of Wallan Plaza, set to conclude by late 2025, will introduce new retail, residential, and entertainment options, potentially boosting local property values and attracting new residents. Additionally, the planned New Wallan Transport Hub aims to integrate various transit modes and enhance connectivity, which could increase property desirability along key routes.
The town is also seeing improvements in education facilities, with upgrades to local schools enhancing the area's appeal to families. Ongoing residential developments are increasing housing supply and modernizing the area. These projects, combined with Wallan's strategic location along the Hume Freeway and proximity to Melbourne, are likely to sustain strong demand for properties and position Wallan as a key growth area in Melbourne's northern corridor.
Wallan rental market trends
The rental market in Wallan has experienced moderate growth, with house rents increasing by 4.4% over the past year to $470 per week, while unit rents have seen a 2.4% rise to $420 per week. As a suburb with expanding amenities and a growing community, Wallan offers a balanced rental market for both investors and tenants seeking affordability and growth potential.
Suburbs near Wallan
Some popular suburbs near Wallan include: