Lara

POSTAL CODE: VIC, 3212

HOUSE

UNIT

Based on its average 5-year and quarterly capital gains, the suburb saw average growth in the long term.

The suburb also delivered a weaker performance in contrast to other Australian suburbs in terms of appreciation of property value. Investors saw the median home price rise to $690,000.

The downward trend in home prices in LARA, 3212 averaged -0.57% per annum over a 3-year period.

Average weekly rents on listings have reached the $560 mark, reflecting a 4.22% increase in returns based on the current median price in LARA.

An average of 38.25 real estate transactions take place per month in LARA which translates to 459 per annum.

459 properties were sold in LARA in 2016, making it the 210th most active market in VIC based on total real estate transactions.

LARA, 3212 places 334th in Australia based on median property value growth during the quarter.

The suburb also delivered a weaker performance in contrast to other Australian suburbs in terms of appreciation of property value. Investors saw the median home price rise to $515,000.

Average median unit prices in VIC have risen as a whole, pulling LARA, 3212 values up and netting property investors a capital gain of 11.96% for the past year.

Investors saw the median home price rise to $515,000.

The upward trend in home prices in LARA, 3212 averaged 1.59% per annum over a 3-year period.

LARA now ranks at the 9th place on a list of fastest growing suburbs in the territory.

Figures from the previous quarter show that capital gains for real estate buyers in LARA are high, as opposed to average gains per annum over the past five years.

Real estate investors could earn a rental income of $470 based on current median home prices for the suburb.

It is expected for properties to spend some time on the market prior to a successful sale. In LARA, homes and units usually stay on listing for an average of 36.1 days.

63 properties were sold in LARA in 2016, making it the 73rd most active market in VIC based on total real estate transactions.

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Data report can be found below

Key Property Date Report	HOUSE	UNIT
Median Price	$690,000	$515,000
Growth Report
Median Quarterly	1.47%	12.57%
Median 12 month	2.45%	11.96%
Median 3 years	-1.71%	4.78%
Median 5 years	21.05%	37.33%
10 years average annual	6.79%	6.29%
Weekly media advert. rent	$560	$470
Time on Market	64.1 days	36.1 days
Gross Rental Yield Percent	4.22%	4.75%

Demographics (Median Values)*

Total Population 16652

Weekly Household Income 1557

Household Size 2.80

Average Age 37

Monthly Loan Repayment 1690

* Australian Bureau of Statistics (May 2021) 2016 Census DataPacks[https://datapacks.censusdata.abs.gov.au/datapacks/],ABS Website, accessed 2016.

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