All About Irrewarra, Colac Otway, VIC, 3249

Irrewarra, located in the Colac Otway Shire of Victoria, offers a serene and picturesque setting for potential homeowners seeking a rural lifestyle. The housing market in this region is characterized by expansive properties, often featuring charming country homes and large plots of land. The average home prices in Irrewarra tend to be more affordable compared to metropolitan areas, making it an attractive option for families and individuals looking to escape the hustle and bustle of city life while still maintaining a reasonable commute to larger towns like Colac. The market has seen moderate growth, fueled by a blend of local demand and interest from those outside the region seeking a tree change, with properties typically catering to those interested in farming, equine activities, or simply enjoying the great outdoors.

Living in Irrewarra is synonymous with embracing a peaceful, community-oriented way of life. Residents can enjoy the benefits of rural living, such as open spaces, fresh air, and the beauty of nature, all while having convenient access to essential amenities available in nearby Colac. The area boasts a tight-knit community with a friendly, laid-back atmosphere, making it an ideal choice for families, retirees, and anyone who appreciates the tranquility of country living. In addition to its natural appeal, Irrewarra is well-positioned for those who enjoy outdoor activities, with opportunities for hiking, fishing, and exploring the scenic landscapes of the Otway Ranges, all contributing to a high quality of life.

Irrewarra Real Estate Market Outlook

Thinking about buying in Irrewarra? Now could not be a better time, with just 248 residential dwellings it's a highly sought after location. The average property price in this area is in the region of $1,020,000 with prices in this suburb ranging from $309,000 to $2,280,000. The aproximate distance to the coast is 34 Km.

Prices are above market average and increase steadily under persistent demand. A more sustainable rate of price growth is anticipated in the short to medium term. In this area of average incomes, there is a mix of housing size and quality. While this may present buying opportunities, growth may be constrained. As buyers begin to examine Irrewarra due to other areas being out of the price range and the trend to working from home, "gentrification" may incease price growth. The slightly lower than average earnings from occupations in Irrewarra changes the housing and lifestyle preference. It is more a matter of what can be afforded rather than what would we prefer, leading to slower price increases over time. Low population density implies low demand and limits housing choices and price increases. Could be a good entry point for first home buyers needing to somehow get into the market. With very low industrial sector presence in Irrewarra the focus is on lifestyle, driving specific demand around facilities, services, and open space. Most people are employed in service sectors with a higher than average proportion being able to work from home. This may incease demand over the medium term.

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