Suburb Profile Report for Lara VIC (3212)

Lara House: Median price $535,000, Annual capital growth 5.91%, Number of sales 281, Weekly median advertised rent $430

Lara Unit: Median price $379,000, Annual capital growth 4.26%, Number of sales 24, Weekly median advertised rent $345

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

Source: Monthly data update for May 2020 as supplied by CoreLogic. Data is reported to the period ending Feb 2020. Please note that property sales data is routinely updated, so may change retrospectively.

  • House Report
  • Unit Report

Property value increases in Lara have tracked just higher than the VIC average of 2.87% over the last 12 months.

If we look at median property appreciation over just the last three months, Lara has given property investors a paper return of 1.90%. This puts Suburb as 295 on a list of fastest fasting appreciating suburbs in VIC

Sellers are offering property buyers an average discount of -5.43% to buyers in Lara at the moment, which is less than average for the rest of VIC.

Advertised rents are around the $430 mark per week – giving a return of 4.18% based on the median price in Suburb

Investment property in Lara has done not badly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 8.29%

The five-year average increase in median property values for Lara,3212 has given property investors a potential capital gain of 31.83% across each of those five years.

State is the 6th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -5.98% offered to property buyers. Sellers in Lara itself are offering an average vendor discount of -5.35% to real estate investors.

Often selling an investment property can take time, and in Lara the average time real estate has been on the market is 61.2 days.

Using the current median advertised rental of $345 and the average annual increase in value of a median property of 4.26%, investors should hope to achieve an overall return of 4.73%

Metrics i HOUSE UNIT
$535,000 $379,000
1.90% 0.73%
3.28% 8.29%
5.91% 4.26%
$430 $345
281 24
4.18% 4.73%
43.9252336448598 61.2

Source: Monthly data update for May 2020 as supplied by CoreLogic. Data is reported to the period ending Feb 2020. Please note that property sales data is routinely updated, so may change retrospectively.

DSR Score for property investment : Good (H), Very good (U)
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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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