Koroit
With 96.1% of dwellings being separate houses and a median house price of $599,800, Koroit reads as one of southwest Victoria's most owner-occupier-oriented towns. Over 41% of households own their home outright, well above national norms, while only 17.4% rent. The population of 2,184 has a median age of 41, roughly matching the national figure. Income sits at the 45.1st percentile nationally, below average, yet mortgage costs consume just 22.1% of household income, meaning affordability is genuinely comfortable compared to most Victorian markets. Healthcare dominates local employment at 23.3%, more than double the share of the next-largest sector.
Population
2,184
Median Age
41.0
Household IncomeiMedian weekly household income (ABS Census)
$1,466/wk
DAs (12 months)iDevelopment Applications lodged in the past year
2
Median House
$600K
Apr-Jun 2024
The median house price of $599,800 as of Apr-Jun 2024 is significantly lower than most coastal VIC markets. For context, prices fell 22.1% from the peak of $770,000 reached in Apr-Jun 2023, offering buyers entry below the recent high. Since 2013, however, prices have risen 118.1% from $275,000, a compound annual growth rate of 5.7% over 14 years. Monthly mortgage repayments average $1,400, and mortgage costs represent 22.1% of household income, below the 30% stress threshold, which makes purchases here more financially sustainable than state or national medians. The stock is almost entirely detached houses at 96.1%, and 52.3% of homes have 3 bedrooms, with a further 34.5% having 4 or more, so families find strong choice across the market.
For Buyers
The median house price of $599,800 as of Apr-Jun 2024 is significantly lower than most coastal VIC markets. For context, prices fell 22.1% from the peak of $770,000 reached in Apr-Jun 2023, offering buyers entry below the recent high. Since 2013, however, prices have risen 118.1% from $275,000, a compound annual growth rate of 5.7% over 14 years. Monthly mortgage repayments average $1,400, and mortgage costs represent 22.1% of household income, below the 30% stress threshold, which makes purchases here more financially sustainable than state or national medians. The stock is almost entirely detached houses at 96.1%, and 52.3% of homes have 3 bedrooms, with a further 34.5% having 4 or more, so families find strong choice across the market.
For Investors
A rental vacancy rate of 7.5% is elevated compared to typical healthy markets below 3%, signalling softer demand for rental accommodation in Koroit. Only 17.4% of households rent, and weekly median rent sits at $280, which is low relative to the $599,800 median house price, implying thin gross yields. Just 2 development applications were lodged in the past 12 months, with both being subdivision permits rather than new dwelling construction, indicating a supply-constrained market that is not actively adding rentable stock. The high outright ownership rate of 41.7%, versus the national average closer to 30%, also limits rental churn. Investors should weigh the affordability upside of the 5.7% CAGR over 14 years against the current 22.1% price pullback from the 2023 peak.
Development Activity
Total DAs
11
Last 12 Months
2
YoY ChangeiYear-over-year change in DA lodgements
-33.3%
Avg DA CostiAverage estimated cost per DA in the past year
N/A
Monthly DA Lodgements
DA Categories
Schools in Koroit iICSEA: school advantage index. 1000 = national avg, higher = more advantaged
St Patrick's School
Prep-6 · 109 students
Koroit And District Primary School
Prep-6 · 174 students
Demographics
Koroit's population of 2,184 skews toward established Anglo-Celtic heritage: English (945), Irish (490) and Scottish (251) are the three leading ancestries. Overseas-born residents account for just 7.3%, which is 14.3 percentage points below the national figure, making this one of the more locally-born communities in regional VIC. The median age is 41, matching the national median within 1 year. University qualifications reach 23.2%, which is 6.9 percentage points below the national figure, consistent with a regional workforce oriented toward trades and services. Average household size of 2.5 matches the national figure. Volunteering is notable at 22.7% of residents, above what you typically find in urban suburbs.
Age Distribution
Bedrooms
Dwelling Structure
96.1%
Houses
3.9%
Townhouse
N/A
Apartment
Tenure
Koroit's housing market is overwhelmingly owner-occupier. Outright owners account for 41.7% of households and mortgage holders a further 40.9%, meaning over 82% of residents are buyers. The 17.4% renter share is well below the national average. Prices peaked at $770,000 in Apr-Jun 2023 and have since declined 22.1% to $599,800, partly reversing a 118.1% gain since the 2013 trough of $275,000. The long-run CAGR of 5.7% over 14 years shows genuine value creation. Stock is dominated by separate houses (96.1%), with no meaningful apartment supply. Three-bedroom homes make up 52.3% of dwellings and 4-plus bedroom homes 34.5%, pointing to a family-focused housing base. Rent-to-income at 19.1% is below the 30% stress threshold, keeping the rental market accessible.
Median House Price Trend
Source: State Valuer-General
Mortgage / mo
$1,400
Rent / wk
$280
HH Size
2.5
Personal Income / wk
$746
Vacancy Ratei% of dwellings unoccupied on Census night (ABS 2021)
7.5%
Unoccupied
68
Rent / IncomeiMedian rent as % of household income. Over 30% = housing stress
19.1%
Mortgage / IncomeiMedian mortgage as % of household income. Over 30% = housing stress
22.1%
Community Profile
Ancestry
Household Composition
30.0%
Couples, no children
1,819
Total families
Economy & Employment
Healthcare is the dominant industry at 23.3% of employed residents (164 workers), more than double the share of Education (10.8%) in second place. Construction accounts for 9.5%, Manufacturing 8.7% and Retail 7.7%, reflecting the mixed regional economy typical of a service town for surrounding farmland. By occupation, Professionals lead at 175 workers, followed closely by Community and Personal Services at 162, consistent with the healthcare employment weight. Unemployment is very low at 1.5%, well below the national rate, though the participation rate of 56.1% is moderate, partly because 562 residents are not in the labour force. Full-time employment reaches 56.8%. SEIFA decile data is not available for Koroit, so advantage rankings cannot be compared at the decile level.
Socio-Economic Indexes (SEIFA)iABS index ranking suburbs from 1 (most disadvantaged) to 10 (most advantaged)
Full-time
56.8%
Part-time
41.7%
Participation
56.1%
Employed
962
Occupations
Top Industries
University
23.2%
Postgraduate
5.2%
Born Overseas
7.3%
Dwellings
827
Transport to Work
Car dependence is high in Koroit: 92.6% of residents drive to work, consistent with a regional town without significant public transport infrastructure, and public transport use is not recorded, suggesting it is negligible. Walking or cycling accounts for 3.2% of commutes. No schools are recorded within the Koroit suburb boundary in this dataset, though the town is a service centre for the Moyne Shire and families access nearby facilities. Crime totals 116 recorded offences with a rate of 53.1 per 1,000 residents. Property and deception offences are the largest category at 40 incidents, followed by justice procedures offences at 32. Housing stress is low on both measures: rent-to-income at 19.1% and mortgage-to-income at 22.1% both sit below the 30% stress threshold, better than the majority of Victorian markets.
Drive
92.6%
Public Transport
N/A
Walk / Cycle
3.2%
Work from Home
N/A
Safety & Crime
Total Offences
116
Year ending June 2024
Rate per 1,000 People
53.1
Offence Categories
Source: Crime Statistics Agency Victoria / SA Police
National Ranking iPercentile rank among ~15,000 AU suburbs. 90% = higher than 90% of suburbs
How Koroit compares to ~15,000 Australian suburbs
Frequently Asked Questions
Is Koroit a good suburb to live in?
Koroit suits buyers who want regional affordability with low housing stress. Mortgage costs average just 22.1% of household income and rent-to-income is 19.1%, both well below the 30% stress threshold. The trade-offs are high car dependence at 92.6% of commuters and limited public transport, typical of a regional town of 2,184 people.
What is the median house price in Koroit?
The median house price was $599,800 in Apr-Jun 2024, down 22.1% from the Apr-Jun 2023 peak of $770,000. Monthly mortgage repayments average $1,400. Since 2013 prices have risen 118.1% from a trough of $275,000, compounding at 5.7% per year over 14 years.
What schools are in Koroit?
No schools are recorded inside the Koroit suburb boundary in this dataset. Families access schools in surrounding Moyne Shire localities. University qualifications among residents reach 23.2%, which is 6.9 percentage points below the national figure, reflecting the regional workforce profile.
Is Koroit safe?
Koroit recorded 116 offences in the most recent period, a rate of 53.1 per 1,000 residents. Property and deception offences were the most common at 40 incidents, followed by justice procedures offences at 32 and crimes against the person at 25. Context is important as small-town rates can be volatile with small absolute counts.
Is Koroit good for property investment?
The long-run CAGR of 5.7% over 14 years is positive, but the 7.5% vacancy rate is well above the healthy threshold of 3%, and weekly rent of $280 against a $599,800 median implies thin gross yields. Only 2 development applications were lodged in 12 months, so new supply pressure is minimal. The 22.1% price pullback from the 2023 peak may create a re-entry opportunity for patient investors.
How is Koroit's population changing?
Koroit has a population of 2,184 with a resident stability rate of 82.9%, meaning most people who live there stay put. The low turnover rate of 17.1% is below typical urban suburbs. Population forecasts for Koroit specifically are not available in this dataset, but the modest development pipeline of 2 applications in 12 months suggests slow organic growth.
How to read these comparisons
Phrases like "above the national average" reference the unweighted median across Australian suburbs with more than 1,000 residents, not population-weighted national figures. Suburb-level medians are more useful for ranking suburbs against each other; ABS census headlines are population-weighted (so dominated by Sydney and Melbourne) and can read very differently.
Current baseline (refreshed 2026-05-10): median age 40, university-educated 30.1%, born overseas 21.6%, average household size 2.5 people.
Data sources: ABS 2021 Census (demographics, income, tenure), state Valuer-General (house prices), Department of Jobs SALM (unemployment), ACARA (school ICSEA), state Crime Statistics agencies (offences), council DA portals (development applications). Population forecasts use a Hamilton-Perry cohort model calibrated to ABS ERP.
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