Lara

POSTAL CODE: VIC, 3212

HOUSE

UNIT

LARA, 3212 ranks 2826th on the best performing suburbs in Australia in terms of capital gains, returning capital gains of 6.61% for property investors.

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 $710,000.

The upward trend in home prices in LARA, 3212 averaged 0.48% per annum over a 3-year period.

Average weekly rents on listings have reached the $580 mark, reflecting a 4.25% increase in returns based on the current median price in LARA.

An average of 41.92 real estate transactions take place per month in LARA which translates to 503 per annum.

503 properties were sold in LARA in 2016, making it the 182nd most active market in VIC based on total real estate transactions.

LARA, 3212 places 161st 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 $552,500.

Average median unit prices in VIC have risen as a whole, pulling LARA, 3212 values up and netting property investors a capital gain of 24.58% for the past year.

Investors saw the median home price rise to $552,500.

The upward trend in home prices in LARA, 3212 averaged 3.57% per annum over a 3-year period.

LARA now ranks at the 23rd 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 low, as opposed to average gains per annum over the past five years.

Real estate investors could earn a rental income of $480 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 36.4 days.

57 properties were sold in LARA in 2016, making it the 87th 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	$710,000	$552,500
Growth Report
Median Quarterly	2.9%	7.28%
Median 12 month	6.61%	24.58%
Median 3 years	1.43%	10.72%
Median 5 years	21.37%	41.67%
10 years average annual	7.08%	7.03%
Weekly media advert. rent	$580	$480
Time on Market	57.6 days	36.4 days
Gross Rental Yield Percent	4.25%	4.52%

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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