A subsidiary of Metro Property Development SUBURB PROFILE LARA 7TH JUNE 2017 OVERVIEW Lara is a suburb located in the Greater Geelong Area just 17kms from Geelong and 60kms to the Melbourne CBD. Lara is a suburb located in the Greater Geelong Area just 17kms from Geelong and 60kms to the Melbourne CBD. Traditionally an agricultural area, characterised by rolling green hills and acres of farmland, Lara is experiencing significant growth with the development of new estates and a fast growing residential population. The area is a sought after suburb in a popular growth corridor that attracts a healthy mix of investors, couples and families. There is strong demand in the area from both renters and owner-occupiers for the mix of; starter homes, townhouses, and larger family homes that make up the suburbs core housing offer. Lara is recognised as a destination for families seeking quality affordable housing in an area that offers a sense of community and belonging and all the amenity and facilities needed for modern family living. The areas character is being re-defined by the development of new estates that reflect a modern community-oriented and family-focused lifestyle. New estates bring parks, recreational reserves, shopping facilities, childcare, schools and a heavy investment in infrastructure and modern community facilities to service the growing population. The proximity to both Geelong and the Melbourne CBD provide many job opportunities, as do the surrounding employment hubs and activity centres. This proximity means that higher education institutions are easily accessible for tertiary aged students living in the area. One of the key benefits of living in Lara are the many worldclass beaches that are just a short drive away. Lara is in the heart of a region that is world famous for its surfing culture and beach oriented lifestyle. In addition to the beach, Lara is a well-serviced community that provides for a great variety of recreational and sporting pursuits. There are major parks, recreational areas, sporting reserves, golf courses, and national parks within Lara, across the Greater Geelong Area and through the Bellarine Peninsula. Every possible sporting club is represented in the region and the area has an extremely strong local sporting culture as well as community and social groups to join along with a range of festivals and events to attend. The result is an area that offers families a fantastic level of amenity, along with affordable housing, and a fantastic lifestyle. ::
INVESTMENT KEY INDICATORS FORECAST POPULATION GROWTH AVERAGE ANNUAL CAPITAL GROWTH 3.94% (RP DATA HOUSE APRIL 2017) 12 MONTH GROWTH 7.60% (CORELOGIC HOUSE APRIL 2017) GROSS RENTAL YIELD 4.77% (CORELOGIC HOUSE APRIL 2017) 21% OF HOUSEHOLDS RENTING PROJECTED MEDIAN HOUSE PRICE GROWTH INVESTMENT IN LOCAL COMMUNITY CLOSE TO SCHOOLS, SHOPPING & AMENITY SPORTING CLUBS & SPORTING RESERVES ACCESS TO EMPLOYMENT POPULAR AREA FOR FAMILIES BENEFITS OF BOTH ESTABLISHED AREA & GROWTH CORRIDOR INVESTMENT POTENTIAL As a growing suburb, Lara has delivered steady median price growth and increases in sales volumes. CoreLogic RP Data reports a gross rental yield of 4.77% at April 2017. The 12 month price growth for homes is a reported at a strong 7.60%. CITY OF GREATER GEELONG Lara is a fast developing suburb within the City of Geelong. As Australia s 11th largest city Geelong is recognised as a key growth area for Victoria. The City of Greater Geelong offers an ideal mix of the amenity of an established suburb along with the affordable housing and desirable new homes that are delivered by new communities within a growth corridor. The area provides all the desirable elements for modern living making it an attractive place for families to choose to buy or rent. The area offers housing affordability, employment opportunities, schools and higher education options, hospital and medical services, established community facilities, and ongoing infrastructure investment, coupled to a full suite of sporting and recreational pursuits. The Greater Geelong area has many wineries and primary food producers as well as restaurants and cafes that create a thriving food and wine culture. As the gateway to the Bellarine Peninsula, Geelong provides a typically Australian beach-oriented lifestyle with a vibrant surfing, beach and sailing culture. The Geelong Regatta is a popular annual event as is the Bells Beach Surfing Competition. The regions beaches are world famous as is the Great Ocean Road and the areas national parks and tourist attractions. Residents enjoy a very strong sense of community, from the local surf lifesaving clubs and sporting groups, through to the many festivals and community events that are held throughout the year. Residents proudly support their local AFL club the Geelong Cats and the Geelong Football Stadium has had a major upgrade putting it on par with other stadiums around the nation. The area has a strong representation of specialist facilities such as the equestrian arena and function centres which host events throughout the year. There has been significant focus on providing ongoing employment opportunities in the Geelong Region through positive commercial development. Enterprise Geelong is the City of Greater Geelong s dedicated body and resource for economic development initiatives with a focus on driving and delivering commercial growth across the City of Greater Geelong. Residents of Lara living in new estates therefore enjoy the enviable lifestyle that comes from living in a brand new home in a modern family oriented master planned community, that is connected to established amenity schools, shopping, medical, and recreational facilities. This lifestyle (and capital growth potential) is enhanced by the continuing investments in infrastructure in line with the status of Geelong as one of Australia s key cities and the regions continued growth.
POPULATION The City of Greater Geelong continues to rank as one of Australia s largest cities and has a strong forecast for population growth based on the ongoing development of the area. The City of Greater Geelong population forecast for 2017 is 239,003, and is forecast to grow to 320,791 by 2036. (Source ID The Property Experts) The 2017 population forecast for Lara is 16,152, and is forecast to grow to 23,522 by 2036. (Source ID The Property Experts) QUICK STATS LARA CITY OF GREATER GEELONG VICTORIA Population 13,846 210,875 5,354,042 Median Age 36 39 37 Married/De Facto 64% 58% 58% Households 5,006 95,601 1,944,687 Family Households 3,675 56,243 1,414,563 Family Households with Children 65% 59% 61% Average Children Per Family 1.9 1.9 1.9 Median Household Income (month) $6,062 $4,546 $5,269 Households with Mortgage 46.7% 34% 35% Median Mortgage (month) $1,625 $1,517 $1,700 Households Renting 21% 26% 30% Median Rent (per month) $1,170 $1,001 $1,200 Median Property Sale Price * $392,750 Employment Full Time 60% 56% 59% Employment Part Time 30% 33% 29% Occupation Top 3 Ancestry Top 3 Technical/Trade Professional Clerical/Admin Australian English Irish Source 2011 Census. Lara (SSC), City of Greater Geelong (LGA), Victoria (State) & * RP Data April 2017 Professional Technical/Trade Clerical/Admin English Australian Irish Professional Clerical/Admin Technical/Trade English Australian Irish
WHO LIVES HERE? Lara has traditionally been a rural area with small pockets of housing. The suburb has experienced significant growth with the establishment of new estates and a fast growing residential population. Lara is recognised as a destination families seeking quality affordable housing in an area that offers a sense of community and belonging. In addition to the new families and young couples choosing to make their home in Lara, there is an established population base of families with strong roots in the area that provides a solid sense of place and community.
Median Age 36 Lara residents have a median age of 36, which reflects a balanced community. The area has many young couples and families who have moved into the new homes and communities in the area as well as retirees and established residents. This means that the character of the community in Lara is quite broad, encompassing middle class families with both young and teenage children, single person and share households, and representation of empty nesters and retirees. The defining common characteristic is that Lara is a place to call home where people intend to stay long term. This underpins the demand for both new housing and rental properties. Families with Children 65% Around 65% of the households in Lara are families with children, which is a little higher than the state average of 62% and the 59% of the Greater Geelong Area. The data and sales in the area show that both families and couples looking to start a family will be attracted to 3 and 4 bedroom homes with modern open living and family areas. While there are a higher proportion of young children aged 0-4 and 5-9 than in other areas of Victoria, there is still a good representation of families with tween and teenage children and young adults still living at home. Strong Income & Employment Levels Lara has higher employment levels than the state average, with 60% of the labour force working full time compared to the state average of 56%. Incomes are also higher, with the median household income in Lara sitting at $6,062 compared $5,269 across Victoria and $4,546 for Geelong. Higher incomes and a strong average rental spend of $1,170 are both good news for investors as the incomes underpin the ability to afford the rent which properties in this popular suburb attract. The relative affordability of the homes on offer ensures that investors can engineer a good rental return making Lara and attractive investment proposition. Family Background & Migration As with most suburbs in the region, Lara has a strong representation of families with an Australian, Anglo, and European heritage that reflect the areas original settlers. While other ethnicities are still in the minority, we can expect this to change in line with the overall patterns in immigration. The third most common place of birth is Asia reflecting the changing demographic of the area and the diverse nature of the community.
LOCAL AMENITY & COMMUNITY Lara is very popular with renters and buyers thanks to a combination of established and newly constructed community infrastructure. This is enhanced by the growth of surrounding suburbs and the ease of access to Geelong Australia s 11th largest city that is locally referred to as Victoria s second capital. Access to existing amenity as well as the development of new amenity to support the growth of the area means that there are all the facilities and services to meet both the daily needs of the population as well as providing for community and recreational activity. The area is well serviced for the core needs of; Education Transport Medical Facilities Shopping Centres These are supplemented by; Parks & recreational reserves Gyms & fitness centres Walking & cycling tracks Access to aquatic centre & outdoor pools A selection of popular cafes and restaurants A thriving sporting culture centered around the local sporting clubs catering for all types of sports from; surf-lifesaving, surfing, sailing, watersports, football, netball, and cricket, to equestrian activities The proximity of some of Australia s best beaches The popularity of the area attracts both buyers and renters to the area providing strong ongoing demand for housing. Education & Childcare Lara provides a selection of both primary and secondary schools as well as a range of kindergartens, early learning centres, and childcare. Schools in the area include; Lara Primary School, St Anthony s Lara, Lara Lake Primary School, Lara Lake Pre-School, and Lara Secondary College. Avalon College, a school for International Students, has focused language programs and prepares them for the transition to traditional schools is also located in Lara. Direct access and public transport links to the City of Geelong and the Melbourne CBD provide access for Tertiary students to attend popular University, TAFE, & higher learning institutions.
Shopping Shopping choices in Lara are diverse with both the local and surrounding areas containing a fantastic choice of; supermarkets, destination stores, and specialty shops. Major supermarkets such as Coles and Woolworths are represented in the area and residents have east access to large chain stores such as Bunnings, Big W, Kmart, and Target in the local and surrounding areas as well as Cinemas and specialty shops. A short drive takes residents to the world-famous Surf Brands shopping precinct located in Torquay or to Geelong for every type of store from fashion to homewares as well as acres of major category based chains. In addition to the shopping centres, the proximity to farming and wine regions means that gourmet and fresh food is always available, and regular Farmers Markets provide the best produce the region has to offer. Transport Lara has direct freeway access to Geelong and to the Melbourne CBD as well as a direct rail link to both locations. A comprehensive local bus network provides access to key amenity across the suburb and links to railway station. The local Avalon airport is perfect for family visitors from overseas, business travel, or holidays and the Queenscliff ferry links the region to the Mornington Peninsula. The nature of the area means that car ownership is high and most households have two or more cars. Employment Although most residents travel outside of the Lara area to reach their workplace, this is typical of many residential suburbs and the overall employment prospects for people living in the area are strong. Residents have direct access to the Geelong CBD as well as the potential to commute to Melbourne CBD and all the employments centres located along the freeway such as the new Werribee employment precinct - as well as the surrounding retail, commercial and industrial areas. Historically the agriculture and manufacturing sectors have been the key employers in the region however this has now expanded to include construction, retail trades, property and business services offering opportunities for local employment. Medical & Health Lara and the surrounding suburbs have a choice of local GP s, dentists, medical specialists, and health care practitioners. Geelong offers public and private hospitals as well as a full compliment of medical specialists and practitioners catering for people of all ages. Parks & Recreation Lara is a well-serviced community that provides for a great variety of recreational and sporting pursuits. There are major parks, recreational areas, sporting reserves, sanctuary s and national parks both within Lara, across the Greater Geelong Area and through the Bellarine Peninsula. Every possible sporting club is represented in the region and the area has an extremely strong local sporting culture including; Cricket, Football, Netball, Tennis, Soccer, Rugby, Equestrian, Rodeo, Athletics, Gridiron, Baseball/Softball, Walking/ Hiking, and other popular sports and recreational activities. In addition to sporting clubs, residents can chose to join one of the many social and communityminded groups and associations. There are community events and festivals held in the region throughout the year. Plus, to complete the lifestyle on offer, residents can also enjoy the many cafes and restaurants from the local and surrounding area perfect for a relaxing weekend breakfast, a fun family outing, or a special celebration. Golfers are well catered for with a selection of world-class public courses such as the RACV Golf Course and The Sands Golf Course both in Torquay and within a short drive. The agricultural heritage of the region means that equestrian sports are very popular and Lara has an equestrian park, thriving pony clubs, agricultural shows for the competition minded, and plenty of agistment available in the surrounding area. One of the key recreational features of the area is the proximity to the ocean and the local surfing and beach culture is world famous as are the many pristine local beaches. The region also boasts popular tourist attractions such as the Great Ocean Road, the 12 Apostles, and Bells Beach and is a popular weekend and family holiday destination offering recreational pursuits that residents can enjoy all year round.
Information provided in this document has been collated from a range of 3rd party sources and information available in the public domain including but not limited to the ABS, Corelogic, RP Data, and local government websites. Creation Homes take no responsibility for any action or inaction you take based on this information and encourages buyers to make their own independent enquiries and seek legal advice prior to purchase. A subsidiary of Metro Property Development BRISBANE Level 19, 123 Eagle St Brisbane, QLD 4000 07 3250 8300 SYDNEY Level 9, 77 Pacific Highway North Sydney, NSW 2060 02 8912 9200 MELBOURNE Level 4, 484 St Kilda Road Melbourne, VIC 3004 03 9804 5049 info@creationhomes.com.au www.creationhomes.com.au