Lakes Entrance is a moderately sized suburb in Victoria within the East Gippsland local government area (postcode 3909). It is home to about 5,145 residents, with a predominantly older resident base and a median age of 55. Households earn a median income of $45K per year, with an average household size of 2.1 people. Recent annual estimates show population movement staying broadly stable across the broader catchment, with population growth running at +1.0% year-on-year at the LGA level. VIC employment has moved +0.9% year-on-year in the official Jobs and Skills Australia NERO series, which provides the broader jobs backdrop for this suburb. VIC also had 45 Commonwealth-backed major projects under construction, 17 underway, and 27 in planning as at 2 October 2024, which is useful as a broader delivery backdrop rather than a suburb-specific project count. The most common occupations are community & personal service, labourers, professionals. Employment in the area leans toward healthcare and accommodation & food. The top ancestries reported are English, Australian, Scottish.
Median house prices in Lakes Entrance stand at $475,000, having declined steeply by 8.7% over the last twelve months. Units have a median price of $640,000 (-7.6% YoY). The current median weekly rent is $460. This gives a gross rental yield of approximately 5.0%. The median monthly mortgage repayment is $1,227.
Lakes Entrance is served by 3 schools, including 2 primary, 1 secondary. The average ICSEA score is 941, which is below the national average of 1,000. Public transport access includes 3 rail stations, 49 bus stops. The crime rate in the East Gippsland LGA is higher than average at 13,055 incidents per 100,000 population.
On the investment side, The gross rental yield works out to roughly 5.0%, which reads as high yield. Property prices sit below the state median ($475K/$875K), which can point to relative value. The price-to-income ratio of 10.5x is considered stretched. House prices have moved -8.7% year-on-year. Population growth of +1.0% year-on-year points to stable demand fundamentals. Building approvals have changed +0% year-on-year, indicating steady development activity.