Morwell (postcode 3840) is an established suburb in Victoria within the Latrobe (Vic.) local government area. The area has roughly 14,389 residents and an established family demographic, with a median age of 43. Households earn a median income of $49K per year, with an average household size of 2.2 people. 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, technicians & trades, community & personal service. Employment in the area leans toward healthcare and retail trade. The top ancestries reported are English, Australian, Scottish.
Median house prices in Morwell sit at $335,000, little changed on a year ago. Units have a median price of $219,000 (-14.1% YoY). The current median weekly rent is $380. This gives a gross rental yield of approximately 5.9%. The median monthly mortgage repayment is $953.
Morwell is served by 5 schools, including 4 primary, 1 secondary. The average ICSEA score is 935, which is below the national average of 1,000. Public transport access includes 3 rail stations, 4 tram stops, 106 bus stops. Healthcare facilities include 1 private hospital. The crime rate in the Latrobe (Vic.) LGA is higher than average at 17,840 incidents per 100,000 population.
On the investment side, The gross rental yield works out to roughly 5.9%, which reads as high yield. Property prices sit below the state median ($335K/$875K), which can point to relative value. The price-to-income ratio of 6.8x is considered moderate. House prices have moved +0.4% year-on-year.