Coolaroo (postcode 3048) is a smaller suburb in Victoria within the Hume local government area. With a population of 3,193, the suburb has a mix of families and early-career residents with a median age of 37. Households earn a median income of $53K per year, with an average household size of 2.9 people. Recent annual estimates show population movement into the broader catchment, with population growth running at +3.0% 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 machinery operators & drivers, community & personal service, labourers. Employment in the area leans toward healthcare and construction. The top ancestries reported are Australian, English, Lebanese.
The median house price in Coolaroo is $540,000, having edged higher by 1.8% over the past year. The current median weekly rent is $525. This gives a gross rental yield of approximately 5.1%. The median monthly mortgage repayment is $1,324.
Coolaroo is served by 2 schools, including 1 primary, 1 combined. The average ICSEA score is 964, which is around the national average of 1,000. Public transport access includes 6 rail stations, 35 bus stops. The crime rate in the Hume LGA is higher than average at 8,365 incidents per 100,000 population.
From an investment perspective, The gross rental yield works out to roughly 5.1%, which reads as high yield. Property prices sit below the state median ($540K/$875K), which can point to relative value. The price-to-income ratio of 10.1x is considered stretched. House prices have moved +1.8% year-on-year. Population growth of +3.0% year-on-year points to strong growth demand fundamentals. Building approvals have changed +0% year-on-year, indicating steady development activity.