Located in Victoria within the Wyndham local government area, Tarneit is a large, densely settled suburb (postcode 3029). With a population of 56,370, the suburb has a younger, working-age population with a median age of 30. Households earn a median income of $109K per year, with an average household size of 3.4 people. Recent annual estimates show population movement into the broader catchment, with population growth running at +3.7% 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 professionals, machinery operators & drivers, clerical & administrative. Employment in the area leans toward transport & logistics and healthcare. The top ancestries reported are Indian, Australian, English.
Tarneit has a median house price of $650,000, holding roughly steady year-on-year. Units have a median price of $443,000 (-5.9% YoY). The current median weekly rent is $500. This gives a gross rental yield of approximately 4.0%. The median monthly mortgage repayment is $1,950.
Tarneit is served by 14 schools, including 8 primary, 3 secondary, 3 combined. The average ICSEA score is 1055, which is above the national average of 1,000. Public transport access includes 11 rail stations, 142 bus stops. The crime rate in the Wyndham LGA is moderate at 7,001 incidents per 100,000 population.
From an investment perspective, The gross rental yield works out to roughly 4.0%, which reads as moderate yield. Property prices are near the state median ($650K/$875K). The price-to-income ratio of 5.9x is considered affordable. House prices have moved +0.0% year-on-year. Population growth of +3.7% year-on-year points to strong growth demand fundamentals. Building approvals have changed +0% year-on-year, indicating steady development activity.