Ararat (postcode 3377) is a medium-sized suburb in Victoria within the Ararat local government area. The area has roughly 8,500 residents and a settled, mature resident base, with a median age of 45. Households earn a median income of $63K per year, with an average household size of 2.2 people. Recent annual estimates show population movement staying broadly stable across the broader catchment, with population growth running at +0.9% year-on-year at the LGA level. VIC employment has moved +0.9% year-on-year in the official Jobs and Skills Australia NERO series, which provides the broader jobs backdrop for this suburb. VIC also had 45 Commonwealth-backed major projects under construction, 17 underway, and 27 in planning as at 2 October 2024, which is useful as a broader delivery backdrop rather than a suburb-specific project count. The most common occupations are community & personal service, labourers, professionals. Employment in the area leans toward healthcare and manufacturing. The top ancestries reported are Australian, English, Scottish.
Median house prices in Ararat stand at $353,000, having fallen by 7.2% over the last twelve months. Units have a median price of $300,000 (-0.8% YoY). The current median weekly rent is $390. This gives a gross rental yield of approximately 5.8%. The median monthly mortgage repayment is $1,083.
Ararat is served by 6 schools, including 4 primary, 2 secondary. The average ICSEA score is 969, which is around the national average of 1,000. Public transport access includes 4 rail stations, 63 bus stops. Healthcare facilities include 1 public hospital. The crime rate in the Ararat LGA is higher than average at 13,391 incidents per 100,000 population.
Looking at the investment signals, Ararat shows a gross rental yield of approximately 5.8%, rated as high yield. Property prices sit below the state median ($353K/$875K), which can point to relative value. The price-to-income ratio of 5.6x is considered affordable. House prices have moved -7.2% year-on-year. Population growth of +0.9% year-on-year points to stable demand fundamentals. Building approvals have changed +0% year-on-year, indicating steady development activity.