Investment property in Lang Lang has done well for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of 7.97%
Lang Lang,3984 has offered an average of 7.97% return per annum in house price rises to property investors over the last three years.
Sellers are offering property buyers an average discount of -9.65% to buyers in Lang Lang at the moment, which is less than average for the rest of VIC.
In the last year 26 properties changed hands in Lang Lang, which puts it as the 534th most active market in VIC when comparing the number of sales per suburb.
With the median price for a house in Lang Lang being $491250 and the advertised rent reaching $337.5 the gross rental yield for property investors calculates out to be 3.57%
Information supplied by:
Farm town offers affordability with growth
Median house price: $360,000
Three-year growth: 33.33%
Rental yield: 4.69%
Just off the South Gippsland Highway, the small suburb of Lang Lang is known for producing the biggest crops of asparagus in the southern hemisphere.
Houses are inexpensive here at a median price of $360,000, despite strong and consistent growth over the past five years. The average rental return generated is also reasonably high at nearly 5%. Those looking to sell do not have to offer high discounts, thus increasing profit.
The suburb is right on the Lang Lang River and cultivates a thriving agricultural industry that also includes beef and dairy farming. There is an annual rodeo held in town, a tradition dating back to the 1940s. The suburb is home to a golf course as well.
Cranbourne is approximately 30 minutes away via the highway, and buses run from the Comfort Station Bus Interchange all the way to Melbourne.