Rainbow (postcode 3424) is a small community in Victoria within the Hindmarsh local government area. The area has roughly 672 residents and a predominantly older resident base, with a median age of 56. Households earn a median income of $54K per year, with an average household size of 2.1 people. Recent annual estimates show population movement staying broadly stable across the broader catchment, with population growth running at +0.2% 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 managers, professionals, labourers. Employment in the area leans toward agriculture and healthcare. The top ancestries reported are English, Australian, German.
The median house price in Rainbow is $200,000, having climbed sharply by 14.3% over the past year. The current median weekly rent is $330. This gives a gross rental yield of approximately 8.6%. The median monthly mortgage repayment is $500.
Rainbow is served by 1 school, including 1 combined. The average ICSEA score is 980, which is around the national average of 1,000. Public transport access includes 1 bus stop. Healthcare facilities include 1 public hospital. The crime rate in the Hindmarsh LGA is moderate at 6,724 incidents per 100,000 population.
On the investment side, Gross rental yield sits at around 8.6% (high yield). Property prices sit below the state median ($200K/$875K), which can point to relative value. The price-to-income ratio of 3.7x is considered affordable. House prices have moved +14.3% year-on-year. Population growth of +0.2% year-on-year points to stable demand fundamentals. Building approvals have changed +0% year-on-year, indicating steady development activity.