Suburb Profile Report for Lara VIC (3212)

Lara House: Median price $365,000, Annual capital growth 3.35%, Number of sales 243, Weekly median advertised rent $350

Lara Unit: Median price $294,000, Annual capital growth 4.41%, Number of sales 35, Weekly median advertised rent $285

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: CoreLogic

  • House Report
  • Unit Report

Lara is in the bottom 20% in VIC when comparing median price capital growth over the last year. Lara gave property investors a dismal capital gain figure when compared to the rest of the state, with 1.39%.

A 4.58% growth in median value for property investors in Lara,3212 puts this suburb at number 573th in terms of best performing suburbs in VIC

Property investors looking for a bargain in Lara should be aiming for at least -5.04% off the asking price, which is the average vendor discount being achieved at the moment.

In the last year 243 properties changed hands in Lara, which puts it as the 82th most active market in VIC when comparing the number of sales per suburb.

Advertised rents are around the $350 mark per week – giving a return of 4.99% based on the median price in Suburb

Property value increases in Lara have tracked just lower than the VIC average of 3.56% over the last 12 months.

Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Lara has increased when compared to the 5 year average annual rate.

Our latest figures would indicate that property sellers in Lara are currently offering property investors an average price cut of -4.96% below the asking price at the moment.

A $285 per week rent on the median house gives suburb investors a gross yield of circa 5.04%, without taking into account capital value appreciation, which has been averaging out at 4.41%.

HOUSE UNIT
$365,000 $294,000
-1.35% -0.34%
1.39% -0.17%
3.35% 4.41%
$350 $285
243 35
4.99% 5.04%
59.86 81.64

Source: CoreLogic

DSR Score for property investment : Good (U), Good (H)
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Demographics
Total population 13845
Median household income ($/weekly) 1399
Median age of persons 36
Median housing loan repayment ($/monthly) 1625
Average household size 2.8
  • Census Count Percent(%)
    5-14 years 1965 14.2
    25-34 years 1872 13.5
    35-44 years 2349 17.0
    45-54 years 1890 13.7
    55-64 years 1565 11.3
    Others 4204 30.4
    Age Group
    Census Count Percent(%)
    Registered Married 5154 54.2
    Not Married 3424 36.0
    Defacto Relationship 937 9.8
    Social Marital Status
  • Census Count Percent(%)
    Australia 11269 84.3
    New Zealand 117 0.9
    Philippines 199 1.5
    United Kingdom 808 6.0
    Other 227 1.7
    Others 755 5.6
    Country of Birth
    Census Count Percent(%)
    Buddhism 121 1.0
    Christianity 8595 71.1
    Islam 68 0.6
    Other Religious Groups 48 0.4
    No Religion 3227 26.7
    Others 34 0.3
    Religious Affiliation
  • Census Count Percent(%)
    $600-$799 379 9.2
    $1,000-$1,249 383 9.3
    $1,500-$1,999 667 16.2
    $2,000-$2,499 528 12.8
    $2,500-$2,999 377 9.1
    Others 1795 43.5
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 4081 38.5
    Not in the labour force 3740 35.3
    Employed, worked part-time 2070 19.5
    Employed, away from work 412 3.9
    Unemployed, looking for work 288 2.7
    Person Characteristics
  • Census Count Percent(%)
    Professionals 1022 15.6
    Technicians & trades workers 1142 17.4
    Community & personal service workers 697 10.6
    Clerical & administrative workers 953 14.5
    Sales 683 10.4
    Others 2063 31.4
    Occupation
    Census Count Percent(%)
    Pre-school 270 8.0
    Infants/Primary 1269 37.7
    Secondary 1083 32.2
    Technical or Further Educational Institution 298 8.9
    University or other Tertiary Institutions 333 9.9
    Others 110 3.3
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 11942 95.2
    Semi-detached, row or terrace house, townhouse 251 2.0
    Flat, unit or apartment 318 2.5
    Caravan, cabin, houseboat 14 0.1
    House or flat attached to a shop, office 9 0.1
    Others 6 0.0
    Dwelling Structure
    Census Count Percent(%)
    Being purchased 2145 47.6
    Fully owned 1376 30.5
    Rented 959 21.3
    Other tenure type 25 0.6
    Tenure Type
Census 2011, ABS
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