Suburb Profile Report for Lake Gardens VIC (3355)

Lake Gardens House: Median price $425,000, Annual capital growth 4.53%, Number of sales 28, Weekly median advertised rent $340

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

Source: CoreLogic

  • House Report
  • Expert Report

Investment property in Lake Gardens has done poorly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of -11.27%

While Lake Gardens,3355 ranked number 699th in VIC for increase in median house value (annualised) increase, it is ranked 600th over the last 5 years.

State is the 6th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.71% offered to property buyers. Sellers in Lake Gardens itself are offering an average vendor discount of -4.80% to real estate investors.

At number 1116 in a list of fastest selling suburbs, Lake Gardens is in the TOP 30% of suburbs in Australia with an average of days on market 61.6 for properties listed there.

A $340 per week rent on the median house gives suburb investors a gross yield of circa 4.16%, without taking into account capital value appreciation, which has been averaging out at 4.53%.

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Lake Gardens is a suburb on the rural-urban fringe of western Ballarat. It is roughly 3km from the centre of Ballarat, which itself is approximately 105km from Melbourne. Many residents work flexible hours in Melbourne locations, preferring the long drive to city living. Ballarat’s service industries, mines and small manufacturing sector are also prominent employers in the area. Full summary

Lake Gardens is a suburb on the rural-urban fringe of western Ballarat. It is roughly 3km from the centre of Ballarat, which itself is approximately 105km from Melbourne. Many residents work flexible hours in Melbourne locations, preferring the long drive to city living. Ballarat’s service industries, mines and small manufacturing sector are also prominent employers in the area. 

Lake Gardens is situated by the town’s botanical gardens, set close to Lake Wendouree. The demand for property there is evident by the short time that properties are usually on the market – 66 days. This is despite a median house price of over $400,000, which is considered high for the area. The area’s desirability is also reinforced by its popularity with renters, with vacancies especially tight at 0.92%.    

There is also a marginal level of stock on the market. Only 0.09% of the total properties in the suburb are up for sale, suggesting that strong demand is being met by a short supply of available property – an indication that prices could hike soon.

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Metrics i HOUSE UNIT
$425,000 N/A
-13.27% N/A
-11.27% N/A
4.53% N/A
$340 N/A
28 N/A
4.16% N/A
61.6 N/A

Source: CoreLogic

DSR Score for property investment : Above average (H), Good (U)
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Demographics
Total population 1665
Median household income ($/weekly) 1402
Median age of persons 42
Median housing loan repayment ($/monthly) 1465
Average household size 2.6
  • Census Count Percent(%)
    5-14 years 258 15.5
    35-44 years 238 14.3
    45-54 years 248 14.9
    55-64 years 213 12.8
    65-74 years 171 10.3
    Others 537 32.3
    Age Group
    Census Count Percent(%)
    Registered Married 699 58.9
    Not Married 427 36.0
    Defacto Relationship 61 5.1
    Social Marital Status
  • Census Count Percent(%)
    Australia 1369 84.6
    Indonesia 23 1.4
    South Africa 20 1.2
    United Kingdom 77 4.8
    Other 19 1.2
    Others 110 6.8
    Country of Birth
    Census Count Percent(%)
    Buddhism 10 0.6
    Christianity 1138 73.7
    Hinduism 24 1.6
    Islam 23 1.5
    No Religion 341 22.1
    Others 9 0.6
    Religious Affiliation
  • Census Count Percent(%)
    $800-$999 57 10.3
    $1,250-$1,499 54 9.7
    $1,500-$1,999 61 11.0
    $2,000-$2,499 55 9.9
    $2,500-$2,999 65 11.7
    Others 263 47.4
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 479 37.8
    Not in the labour force 442 34.9
    Employed, worked part-time 259 20.5
    Unemployed, looking for work 46 3.6
    Employed, away from work 40 3.2
    Person Characteristics
  • Census Count Percent(%)
    Managers 140 17.9
    Professionals 216 27.6
    Technicians & trades workers 66 8.4
    Clerical & administrative workers 117 15.0
    Sales 93 11.9
    Others 150 19.2
    Occupation
    Census Count Percent(%)
    Pre-school 35 7.7
    Infants/Primary 171 37.5
    Secondary 145 31.8
    Technical or Further Educational Institution 28 6.1
    University or other Tertiary Institutions 67 14.7
    Others 10 2.2
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 1534 97.4
    Semi-detached, row or terrace house, townhouse 41 2.6
    Flat, unit or apartment 0 0.0
    Caravan, cabin, houseboat 0 0.0
    Improvised home, tent, sleepers out 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Fully owned 255 41.1
    Rented 181 29.2
    Being purchased 180 29.0
    Other tenure type 4 0.6
    Tenure Type
Census 2011, ABS
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