Terang
With a median age of 49, Terang sits 9 years above the national figure, making it one of western Victoria's most distinctly senior-skewing communities. Household income falls at the 22.5th percentile nationally, yet mortgage stress is absent: monthly repayments average just $1,066 and consume 21.2% of income, well below the 30% stress threshold. The median house price of $382,500 reflects genuine affordability rather than stagnation, with a 14-year compound annual growth rate of 6.4% from $161,500 in 2013. Agriculture and healthcare anchor the local economy, and 82.8% of residents stayed in the same address over the reference period, pointing to a stable, rooted population.
Population
2,254
Median Age
49.0
Household IncomeiMedian weekly household income (ABS Census)
$1,162/wk
DAs (12 months)iDevelopment Applications lodged in the past year
4
Median House
$382K
Apr-Jun 2024
At $382,500, Terang's median house price is well below the VIC state median, and the price-to-income ratio is supported by a household income profile in the 22.5th percentile nationally. Monthly mortgage repayments average $1,066, keeping the mortgage-to-income ratio at 21.2%, comfortably below the 30% stress threshold. Separate houses dominate at 91.9% of the stock, with 3-bedroom homes the most common at 52.5% and 4-plus bedroom dwellings at 26%, giving buyers genuine choice across family sizes. Price history shows volatility: the median peaked at $440,000 in early 2024 before pulling back 13.1% to $382,500. From the 2013 base of $161,500, cumulative growth is 136.8% over 14 years.
For Buyers
At $382,500, Terang's median house price is well below the VIC state median, and the price-to-income ratio is supported by a household income profile in the 22.5th percentile nationally. Monthly mortgage repayments average $1,066, keeping the mortgage-to-income ratio at 21.2%, comfortably below the 30% stress threshold. Separate houses dominate at 91.9% of the stock, with 3-bedroom homes the most common at 52.5% and 4-plus bedroom dwellings at 26%, giving buyers genuine choice across family sizes. Price history shows volatility: the median peaked at $440,000 in early 2024 before pulling back 13.1% to $382,500. From the 2013 base of $161,500, cumulative growth is 136.8% over 14 years.
For Investors
Terang's rental market is lean: just 21.5% of dwellings are rented, compared to higher shares in most VIC regional centres, and weekly rent runs at $225, which is low in absolute terms. The vacancy rate of 11.3% is elevated, signalling that rental supply exceeds current demand. Only 4 development applications were lodged in the past 12 months, indicating minimal new supply pressure but also limited pipeline growth. Gross yield on the $382,500 median at $225 weekly rent is approximately 3.1%. The investment thesis rests on long-run capital growth, with a 6.4% CAGR over 14 years, rather than yield, and suits buyers comfortable with a thin rental market and a low-turnover community where 82.8% of residents did not move.
Development Activity
Total DAs
8
Last 12 Months
4
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 Terang iICSEA: school advantage index. 1000 = national avg, higher = more advantaged
St Thomas' School
Prep-6 · 122 students
Terang College
Prep-12 · 246 students
Demographics
Terang's median age of 49 is 9 years above the national average, placing it firmly in an aging cohort. The overseas-born share is just 6.4%, which is 15.2 percentage points below the national figure, reflecting a predominantly locally-born population. Ancestry is overwhelmingly Anglo-Celtic: English (904), Irish (425), Scottish (265) and German (63) account for the main recorded groups. University qualifications reach 19.3%, which is 10.8 points below the national rate, consistent with the region's blue-collar and agricultural employment base. Average household size is 2.2, slightly below the national average of 2.5. Couples without children make up 33.9% of families, typical of an older resident profile, and 21.3% of residents volunteer, indicating high community participation.
Age Distribution
Bedrooms
Dwelling Structure
91.9%
Houses
7.0%
Townhouse
0.3%
Apartment
Tenure
Ownership is a defining characteristic: 47.4% of Terang dwellings are owned outright, a share well above the national average, while mortgage holders account for 31.1% and renters just 21.5%. This outright-ownership majority reflects the older resident base and long tenure patterns. The stock is almost entirely separate houses at 91.9%, with semi-detached at 7% and apartments barely registering at 0.3%. Three-bedroom homes account for 52.5% of stock, followed by 4-plus bedroom at 26%, which suits agricultural households needing space. The median house price of $382,500 in Apr-Jun 2024 sits 13.1% below the recent peak of $440,000 in Jan-Mar 2024, and the vacancy rate of 11.3% is elevated for a town of 2,254 people, suggesting some surplus supply.
Median House Price Trend
Source: State Valuer-General
Mortgage / mo
$1,066
Rent / wk
$225
HH Size
2.2
Personal Income / wk
$651
Vacancy Ratei% of dwellings unoccupied on Census night (ABS 2021)
11.3%
Unoccupied
118
Rent / IncomeiMedian rent as % of household income. Over 30% = housing stress
19.4%
Mortgage / IncomeiMedian mortgage as % of household income. Over 30% = housing stress
21.2%
Community Profile
Ancestry
Household Composition
33.9%
Couples, no children
1,641
Total families
Economy & Employment
Healthcare is Terang's largest employer at 23.1% of workers (142 people), reflecting the demand for aged care and health services that typically follows a senior-skewing population. Agriculture ranks second at 13% (80 workers), consistent with the broader South West Victoria dairying and grazing region. Construction accounts for 9.9% and Retail 7.3%. By occupation, Community and Personal service (158) and Labourers (148) are the two largest groups, with Managers (136) and Professionals (116) following. The unemployment rate is 3.4%, below conventional thresholds, and the full-time employment rate among employed residents is 61.8%. Participation is lower at 49.9%, because a significant share of the population, 759 residents, is not in the labour force, consistent with an older age structure.
Socio-Economic Indexes (SEIFA)iABS index ranking suburbs from 1 (most disadvantaged) to 10 (most advantaged)
Full-time
61.8%
Part-time
34.8%
Participation
49.9%
Employed
918
Occupations
Top Industries
University
19.3%
Postgraduate
2.9%
Born Overseas
6.4%
Dwellings
916
Transport to Work
Car dependence is high, with 86.8% of residents driving to work, reflecting the rural geography and limited public transport options typical of towns this size. Notably, 7.5% walk or cycle, a meaningful share for a low-density town. Crime totalled 158 incidents, producing a rate of 70.1 per 1,000 residents, with property and deception offences (82 incidents) the largest category. Rent-to-income sits at 19.4% and mortgage-to-income at 21.2%, both below stress levels, meaning housing costs are manageable. No schools are recorded in this dataset for Terang. Volunteering at 21.3% is high relative to many urban suburbs, reflecting the social fabric typical of regional communities where 82.8% of residents have not moved in the reference period.
Drive
86.8%
Public Transport
N/A
Walk / Cycle
7.5%
Work from Home
N/A
Safety & Crime
Total Offences
158
Year ending June 2024
Rate per 1,000 People
70.1
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 Terang compares to ~15,000 Australian suburbs
Frequently Asked Questions
Is Terang a good suburb to live in?
Terang suits buyers prioritising affordability and stability over amenity and growth. Housing costs are low: the median house price is $382,500 and mortgage repayments average $1,066 per month, consuming 21.2% of income. The community is stable, with 82.8% of residents not moving in the reference period. The main trade-offs are limited public transport, an 11.3% vacancy rate, and household income at the 22.5th percentile nationally.
What is the median house price in Terang?
The median house price in Terang is $382,500, recorded in Apr-Jun 2024. This is down 13.1% from the recent peak of $440,000 in Jan-Mar 2024. From the 2013 base of $161,500, prices have grown 136.8% over 14 years, a compound annual rate of 6.4%. Weekly rent averages $225.
What schools are in Terang?
No schools are recorded inside the Terang boundary in this dataset. Terang is a small regional town of 2,254 residents and families typically access schools in the broader Corangamite region. University qualifications locally sit at 19.3%, which is 10.8 points below the national figure, reflecting the area's blue-collar and agricultural workforce.
Is Terang safe?
Terang recorded 158 criminal incidents in the reference period, a rate of 70.1 per 1,000 residents. Property and deception offences accounted for 82 of those incidents, the largest single category, followed by crimes against the person at 32. Housing stress is absent, with rent-to-income at 19.4% and mortgage-to-income at 21.2%, both below stress thresholds.
Is Terang good for property investment?
Terang offers a 6.4% compound annual price growth rate over 14 years from 2013 to 2024. At $382,500 median and $225 weekly rent, the gross yield is approximately 3.1%. The vacancy rate of 11.3% is elevated, and only 21.5% of residents rent, so the tenant pool is thin. The investment case is capital growth in an affordable regional market rather than high yield.
How is Terang's population changing?
Terang's population of 2,254 has a median age of 49, which is 9 years above the national figure, indicating an aging community. The overseas-born share is just 6.4%, which is 15.2 points below national, limiting migration-driven growth. Community turnover is low, with 82.8% of residents remaining at the same address, pointing to a stable but slowly aging population base.
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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