At number 545th in the list of Australian suburbs ordered by increase in median house value over the last year, Lucknow, 3875 is in the top 20% with a property value increase of 12.26% recorded in median house prices.
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Lucknow has increased when compared to the 5 year average annual rate.
Lucknow, 3875 is offering VIC ‘s 580th most discounted properties when looking at the average discount being offered by vendors. This puts it in the bottom 10% of discounts offered by this VIC.
At number 1622 in a list of fastest selling suburbs, Lucknow is just in the top half of suburbs in Australia with an average of days on market 65.5333 for properties listed there.
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Buyers on a budget look to rising suburb
Median house price: $240,000
Three-year growth: 3.4%
Rental yield: 6.7%
Situated in East Gippsland, the suburb of Lucknow boasts very low-priced houses.
Lucknow’s rise began only three years ago, but the increasing rates of growth indicate that this suburb has potential. Over the last 12 months leading up to November 2017, house prices went up by 7.1%, and this trend is set to continue based on the 11.6% hike recorded in the November 2017 quarter.
Even then, the median value remains under $250,000, which is ideal for buyers who are looking to save. The average rental yield is very high at 6.7%, which could appeal to investors seeking cash flow.
Lucknow sits on the Mitchell River, and provides easy access to the regional centre of Bairnsdale. Thus, schools and train transport are close by.