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 $420,500.
The upward trend in home prices in LARA, 3212 averaged 5.07% per annum over a 3-year period.
Average weekly rents on listings have reached the $360 mark, reflecting a 4.45% increase in returns based on the current median price in LARA.
An average of 19.17 real estate transactions take place per month in LARA which translates to 230 per annum.
230 properties were sold in LARA in 2016, making it the 414th most active market in VIC based on total real estate transactions.
LARA, 3212 places 323rd in Australia based on median property value growth during the quarter.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||13.65%||1.53%|
|Median 3 years||15.21%||13.5%|
|Median 5 years||22.42%||18.92%|
|10 years average annual||4.86%||4.2%|
|Weekly media advert. rent||$360||$300|
|Time on Market||32.6 days||30.9 days|
|Gross Rental Yield Percent||4.45%||5.23%|