TA R NI E T 1 SUBURBPROFILE The suburb is located within the boundaries of the City of Wyndham which is one of the fastest growing municipalities in Victoria and the third fastest in Australia. OV E RVIE W a substantial increase in industrial Located 35 kilometres west of and warehouse development close Melbourne s Central Business to the Western Ring Road has District, Tarneit is a rapidly occurred in recent years which has growing urban fringe suburb been a key driver of employment yet still maintains a semi-rural growth within the City. landscape. The suburb is located within the boundaries of the City It is estimated the resident of Wyndham which is one of the population of the City of Wyndham fastest growing municipalities in will double from 192,337 in Victoria and the third fastest in people to reach more than 384,275 POPULATION TO DOUBLE Australia. CITY OF WY ND H AM FORECAST POPULATION WYNDHAM CITY COUNCIL Wyndham is located between Victoria s two dominant urban 400,000 centres, Melbourne and Geelong. The city is traversed by a major freeway and railway, and has 300,000 convenient access to the principal airports at Tullamarine and Avalon, 200,000 the principal seaports at Melbourne business district of Melbourne. In addition, Wyndham has an established employment base. A large amount of moderatelypriced industrial land with good access to the Western Ring Road is available for development, and Forecast population and Geelong and the central 100,000 0 2011 2016 2021 2026 2031 2036 Forecast year (ending June 30) Source: Resolution Research, i.d. September
Tarneit has been identified as a Central Activity Centre which will grow and expand over time in line with the needs of the expanding population. 2 people by 2036, representing a growth of an estimated, 191,940 persons. This large expansion of the area s resident population will translate into significant demand for new residential housing in the area, which, in turn, is likely to underpin future growth in dwelling values. POPULAR FAMILY AREA DEMOGRAPHICS At the time of the 2011 Census, Tarneit was home to just under 22,000 persons. The area is a popular location for families which, at the time of the 2011 Census accounted for 85% of all occupied dwellings within the area. Young families typify the area s primary demographic with suburb recording a median age of 29 which is considerably lower than the median ages for both Victoria and Australia (both 37 years of age) recorded at the time of the Census. The area is populated by high income earners, which across all HIGH INCOME EARNERS levels of measured median weekly income are higher than those recorded across Victoria. At the time of the 2011 Census, median weekly personal incomes were $140 per week higher, household incomes were $345 higher and family incomes were $165 per week higher. Commensurate with the income profile of the population is a demonstrated ability and willingness to pay more for housing in the area. At the time of the 2011 Census, the median monthly mortgage repayment sat at a $300 premium to the State s. Despite this, Tarneit remains a highly affordable housing market. INFRASTRUCTURE & GROWTH Tarneit forms a strategic part of the Melbourne Planning Authority s Growth Management Plan for Melbourne West. Within the Plan Tarneit has been identified as a Central Activity Centre which will grow and expand over time in line with the needs of the expanding population. The suburb is well connected to Melbourne s Central Business District and broader metropolitan Melbourne via the Princess Freeway and the West Gate Freeway. Tarneit residents are afforded a high level of public transport infrastructure including access to the Werribee metro line at Hoppers Crossing railway station and a bus network providing connectivity throughout the local area and to wider metropolitan Melbourne. MAJOR INFRASTRUCTURE INVESTMENT As part of the future development of the area are plans for public projects to deliver significant transport infrastructure into the area. The Regional Rail Link project will provide tracks to carry VLine services from Geelong and beyond with a new railway station in the heart of Tarneit. This major investment in infrastructure
$72.6 million in supporting infrastructure has been allocated by the State Government to enhance access to the Precinct. 3 will ensure Tarneit becomes a prime regional area for those who commute to the city on a regular basis. Regional Rail Link is expected to be completed early in 2016, with Tarneit Train Station coming under metropolitan zone 2. The Link will create capacity for an extra 23 metropolitan and 10 regional services during each morning and evening peak period resulting in capacity for an additional 54,000 passenger trips each day. The State Government s /15 budget announced planning of improvements to bus services in the region to coincide with the opening of the Regional Rail Link which will greatly enhance connectivity throughout Tarneit and its surrounds together with reducing road congestion in the area. 58,000 NEW JOBS EMPLOYMENT In October 2013 the Victorian State Government gave the green light to Melbourne s newest employment and investment hub, The East Werribee Employment Precinct. The Precinct is one of six suburban National Employment clusters outlined in Plan Melbourne and is the largest commercial precinct on Government owned land in Victoria s history. $72.6 million in supporting infrastructure has been allocated by the State Government to enhance access to the Precinct. On completion the Precinct is forecast to have created more than 58,000 new jobs. Key employment nodes in the region include the Laverton North / Truganina industrial precinct which currently employs around 10,000 people, a major manufacturing precinct in Laverton, the Avalon Airport and the Port of Melbourne. RETAIL Tarneit Gardens Shopping Centre is centrally located within the suburb and services the everyday needs of the area s population. The Centre is home to a full line Woolworths supermarket and 20 speciality retail stores. The Werribee Plaza Shopping Centre is the largest shopping centre serving the local community containing over 220 speciality retailers and major retail stores including Myer, Big W, Kmart and Coles. Wyndham Village Shopping Centre also provides a range of retail outlets, containing more than 50 speciality stores and a major Coles supermarket. A number of smaller speciality stores, food outlets, restaurants and cafes are located throughout the suburb which are forecast to grow in line with the expansion of the area s population. EDUCATION A diverse range of educational institutions service the needs of the local community ranging from child care centres and pre-schools through to tertiary institutions. Tarneit P-9 and Baden Powell P-9 state schools are both located within Tarneit, together with the Tarneit Senior Secondary College. The surrounding suburbs are home to a wide range of both public and private primary and secondary schools including the prestigious Westbourne Grammar School. Consistent with the area s popularity with young families is an array of child care and pre-school facilities available to residents of the area. These facilities include
Royal Melbourne Institute of Technology (RMIT) Bundoora campus is located under 20 minutes from Tarniet. The Bundoora campus is the largest RMIT campus outside the Melbourne CBD. 4 Goodstart Early Leaning Tarneit, Future Kids Child Care and Kindergarten, Swan Childcare and Tarneit World of Learning. The Werribee campus of Victoria University is one of the largest tertiary institutions within Melbourne s West and offers courses in both TAFE and higher education. Neighbouring Werribee is also home to The University of Melbourne s Veterinary Science campus, which, in conjunction with the Victoria University s Werribee campus are major drivers of rental demand in the area. SPORTING AND RECREATION There are more than 20 reserves located throughout Tarneit and neighbouring Hoppers Crossing which contain a range of children s playgrounds, sporting facilities, bbq and picnic facilities including Kambah Street Reserve. A number of pocket parks and open spaces are situated within the suburb and its surround which provide a range of passive and active recreational pursuits for the local community. One of the region s most prominent sporting facilities, the Elite Cricket Academy is located with Tarneit with the majority of sporting clubs having home grounds and facilities located throughout neighbouring Hoppers Crossing. The Hoppers Crossing Sports Club hosts a range of member clubs including the Hoppers Crossing Football Club, Cricket Club, Fishing Club and Golf Club. ACTIVE COMMUNITY Grange Reserve Hoppers Crossing is one of three synthetic sporting fields located throughout the City and is a major focal point for sporting activities and clubs located throughout the City of Wyndham. The Hoppers Crossing Swimming Club is the largest provider of aquatic training and associated activities in the area. The Club has representatives at State, and National levels, it caters to swimmers aged five and above. The recently completed $440 million Wyndham Harbour has transformed the harbour into a cosmopolitan focal point for the community containing cafes, specialty stores and waterfront dining. It now boasts over 1,000 wet berths and is rapidly become a destination in itself. The Wyndham Leisure & Event Centre is currently undergoing a $45 million redevelopment, which, on completion in 2015 will become the premier indoor aquatic centre in the region. Master planning has begun on the redevelopment of Wyndham Park In line with a requirement to ensure that a broad range of recreational pursuits are available to the local population. The $11.5 million Park will become the centrepiece of the Werribee City Centre and a major attraction for recreational and cultural activity. HEALTH The region s largest hospital - the Werribee Mercy Hospital which services the south western area of Melbourne is located 10 minutes from Tarneit. A high level of medical and health infrastructure is in place throughout Tarneit and its surrounds which provide extensive support to service the needs of the local community including the Tarneit Family Medical and Dental
The suburb s median house price remains affordable and is likely to experience growth over the coming years. 5 Centre. Wyndham Private Medical Practice is located within close proximity of Tarneit offering easy access to many of Melbourne s premium health service providers. The Clinic incorporates a general practice clinic, specialist suites, allied health professionals and mental health services. $95M NEW HOSPITAL years. Over the past decade, the median house price has grown by $108,000 to reach $380,000. Over this time frame there has been an average annual demand for 355 homes in the area. Demand began to escalate in 2008 in line with the delivery of new supply into the area. The suburb s median house price remains affordable and is likely to experience growth over the coming years underpinned by swelling demand for new dwellings stimulated by the massive infrastructure investment occurring within the suburb and its surrounds. 3.5 % P.A =The area s vacant land market has recorded an equally strong performance recorded an average annual rate of median price growth of 4.9% per annum supporting the market strength of the area. Earlier this year Wyndham City Council announced the new $95 million 112 bed private hospital and 80 bed aged care facility which will be constructed as part of the East Werribee Employment Precinct. On completion the hospital will greatly increase the range of health amenities available to the city s rapidly expanding population. $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 - MEDIAN HOUSE PRICE GROWTH & SALES VOLUMES - 2005-2015 (FINANCIAL YEARS) 600 500 400 300 RESIDENTIAL MARKET FUNDAMENTALS Median house price growth throughout Tarneit s residential market has been solid averaging 3.5% per annum over the past ten $150,000 $100,000 $50,000 $- 2005 2006 2007 2008 2009 2010 2011 2012 2013 Sales Volumes Median price Source: Resolution Research The State of Victoria, September 200 100 0
Rental demand within the area is particularly high with the latest data revealing a prevailing vacancy rate of 1.5% which is half that which reflects a balanced market. 6 RENTAL MARKET Rental demand within the area is particularly high with the latest data revealing a prevailing vacancy rate of 1.5% which is half that which reflects a balanced market. Clearly rental demand within Tarneit is outstripping supply. Consistent with this low vacancy rate is a suburb recording a high gross rental yield which, at the time of undertaking this research was recorded at 4.8%. LOW VACANCY RATE 1.5 % HIGH GROSS RENTAL YIELD 4.8 % AT A GLANCE Tarneit is located within the boundaries of the City of Wyndham which is one of the fastest growing municipalities in Victoria and the third fastest in Australia. It is estimated the resident population of the City of Wyndham will double from 192,337 in people to reach more than 384,275 people by 203. The large expansion of the area s resident population will translate into significant demand for new residential housing in the area, which, in turn, is likely to underpin future growth in dwelling values. At the time of the 2011 Census, Tarneit was home to just under 22,000 persons. The area is a popular location for families which, at the time of the 2011 Census accounted for 85% of all occupied dwellings within the area. The area is populated by high income earners, which across all levels of measured median weekly income are higher than those recorded across Victoria At the time of the 2011 Census, the median monthly mortgage repayment sat at a $300 premium to the State s. Despite this, Tarneit remains a highly affordable housing market. Tarneit forms a strategic part of the Melbourne Planning Authority s Growth Management Plan for Melbourne West. Within the Plan Tarneit has been identified as a Central Activity Centre which will grow and expand over time in line with the needs of the expanding population. Tarneit residents are afforded a high level of public transport infrastructure including access to the Werribee metro line at Hoppers Crossing railway station and a bus network providing connectivity throughout the local area and to wider metropolitan Melbourne. As part of the future development of the area are plans for public projects to deliver significant transport infrastructure into the area. The Regional Rail Link project will provide tracks to carry VLine services from Geelong and beyond with a new railway station in the heart of Tarneit. This major investment in infrastructure will ensure Tarneit becomes a prime regional area for those who commute to the city on a regular basis. In October 2013 the Victorian State Government gave the green light to Melbourne s newest employment and investment hub, The East Werribee Employment Precinct. The Precinct is the largest commercial precinct on Government owned land in Victoria s history. On completion the Precinct is forecast to have created more than 58,000 new jobs. Tarneit Gardens Shopping Centre is centrally located within the suburb and services the everyday needs of the area s population. A number of smaller speciality stores, food outlets, restaurants and cafes are located throughout the suburb which are forecast to grow in line with the expansion of the area s population.
Median house price growth throughout Tarneit s residential market has been solid averaging 3.5% per annum over the past ten years. 7 A wide range of educational institutions service the needs of the local community ranging from child care centres and pre-schools through to tertiary institutions. The surrounding suburbs are home to a diverse range of both public and private primary and secondary schools including the prestigious Westbourne Grammar School. The University of Melbourne s Veterinary Science campus is located within close proximity of Tarneit in Werribee, which, in conjunction with the Victoria University s Werribee campus are major drivers of rental demand in the area. There are more than 20 reserves located throughout Tarneit and neighbouring Hoppers Crossing which contain a range of children s playgrounds, sporting facilities, bbq and picnic facilities. One of the region s most prominent sporting facilities, the Elite Cricket Academy is located with Tarneit with the majority of sporting clubs having home grounds and facilities located throughout neighbouring Hoppers Crossing. Median house price growth throughout Tarneit s residential market has been solid averaging 3.5% per annum over the past ten years The suburb s median house price remains affordable and is likely to experience growth over the coming years underpinned by swelling demand for new dwellings stimulated by the massive infrastructure investment occurring within the suburb and its surrounds. The area s vacant land market has recorded an equally strong performance recorded an average annual rate of median price growth of 4.9% per annum supporting the market strength of the area. Rental demand within the area is particularly high with the latest data revealing a prevailing vacancy rate of 1.5%. Consistent with this low vacancy rate is a suburb recording a high gross rental yield which, at the time of undertaking this research was recorded at 4.8%. The Wyndham Leisure & Event Centre is currently undergoing a $45 million redevelopment, which, on completion in 2015 will become the premier indoor aquatic centre in the region. The region s largest hospital - the Werribee Mercy Hospital which services the south western area of Melbourne is located 10 minutes from Tarneit. A high level of medical and health infrastructure is in place throughout Tarneit and its surrounds which provide extensive support to service the needs of the local community including the Tarneit Family Medical and Dental Centre.