Casterton is a small community in Victoria within the Glenelg local government area (postcode 3311). With a population of 1,673, the suburb has a predominantly older resident base with a median age of 58. Households earn a median income of $46K per year, with an average household size of 1.9 people. Recent annual estimates show population movement staying broadly stable across the broader catchment, with population growth running at +0.0% 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 labourers, community & personal service, managers. Employment in the area leans toward healthcare and agriculture. The top ancestries reported are English, Australian, Irish.
The median house price in Casterton is $275,000, having declined by 5.2% over the past year. The current median weekly rent is $420. This gives a gross rental yield of approximately 7.9%. The median monthly mortgage repayment is $700.
Casterton is served by 3 schools, including 2 primary, 1 secondary. The average ICSEA score is 975, which is around the national average of 1,000. Public transport access includes 4 bus stops. Healthcare facilities include 1 public hospital. The crime rate in the Glenelg LGA is higher than average at 12,431 incidents per 100,000 population.
Looking at the investment signals, The gross rental yield works out to roughly 7.9%, which reads as high yield. Property prices sit below the state median ($275K/$875K), which can point to relative value. The price-to-income ratio of 6.0x is considered moderate. House prices have moved -5.2% year-on-year. Population growth of +0.0% year-on-year points to stable demand fundamentals. Building approvals have changed +0% year-on-year, indicating steady development activity.