Question 1

Is Yarrawonga a nice place to live?

Accepted Answer

Yarrawonga sits on the Victorian bank of Lake Mulwala and the Murray River and has a strong focus on water recreation, from boating and fishing to lakeside picnics. The town centre is compact, with shops, pubs and cafes serving residents and visitors, while the foreshore, caravan parks and marinas give it a holiday-town feel. Housing ranges from older weatherboard homes and modest family houses to lakeside holiday houses and newer riverside developments, and the town acts as a service centre for the surrounding farming district.

With a population of 8,661, a median age of 52 and a median household income of $1,149 a week ($59,748 a year), Yarrawonga’s community is weighted towards couple families and owner-occupiers (about 76.1% owner-occupied). Recent investment in local health and education, and council-led plans for a multisport stadium, upgrades to JC Lowe Oval Reserve, reuse of the former primary school site and an aerodrome master plan point to ongoing local facility work. Whether Yarrawonga suits you depends on whether a water-orientated, established town with a mix of families and retirees fits what you want.

Question 2

Is it expensive to live in Yarrawonga?

Accepted Answer

On the figures, buying in Yarrawonga sits well above local incomes at the last Census. A median house price of $645,000 is about 10.8 times a typical local annual household income at the last Census (weekly household income $1,149, annual $59,748), which places buying well above what local households earned at that time.

Rents are also a notable share of a typical local income. A house rented at $550 a week would take about 47.9% of a typical local household's weekly income at the last Census, a large share, while a unit at $390 a week would take about 33.9%, a sizeable share. If you are renting rather than buying, those rent shares are the most relevant numbers for comparison.

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 Yarrawonga a good place to invest?

Accepted Answer

Over the last 12 months Yarrawonga's median house value rose 9.8%, a solid increase, while median unit values fell 6.0%.

On the income side, house rents increased 3.8% (a modest rise) and unit rents edged up 1.3% (a slight rise). For someone weighing Yarrawonga as an investment, the numbers show houses outperformed units on both capital growth and rent growth over the year; whether that fits your goals depends on whether you prioritise capital growth or rental income.

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	$645K	N/A
Change in value Past 12 months	9.8%	-6.0%
Sold Past 3 months	53	5
Median days on market Past 12 months	98	107
Average rent Past 12 months	$550	$390
Change in rent Past 12 months	3.8%	1.3%

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