Lake Gardens
At a median age of 51, Lake Gardens sits 11 years above the national figure, a gap that shapes nearly everything about this compact Ballarat suburb. Owner-occupiers dominate: 49.8% own their home outright, well above the national average, which keeps turnover low at 21.3% annually. The median house price of $751,400 as of April-June 2024 reflects a 68.9% rise from $445,000 in 2013, though the market has pulled back 9.8% from its April-June 2023 peak of $833,000. With 92.7% separate houses and university qualifications at 42.9%, this is a stable, professionally oriented suburb within 1.2 square kilometres.
Population
1,801
Median Age
51.0
Household IncomeiMedian weekly household income (ABS Census)
$1,534/wk
DAs (12 months)iDevelopment Applications lodged in the past year
0
Median House
$751K
Apr-Jun 2024
The median house price is $751,400 as of April-June 2024, down 9.8% from the April-June 2023 peak of $833,000, giving buyers more room than a year ago. Monthly mortgage repayments average $1,733, with a mortgage-to-income ratio of 26.1%, below the 30% stress threshold. Stock is almost entirely separate houses at 92.7%, and the bedroom split favours larger homes: 3-bedroom dwellings account for 47.6% and 4-plus bedrooms make up 44.9%, so buyers looking for space will find the product mix suits them. Of existing residents, 49.8% own outright and only 21.2% carry a mortgage, a sign that the suburb attracts long-term holders rather than leveraged buyers cycling through the market.
For Buyers
The median house price is $751,400 as of April-June 2024, down 9.8% from the April-June 2023 peak of $833,000, giving buyers more room than a year ago. Monthly mortgage repayments average $1,733, with a mortgage-to-income ratio of 26.1%, below the 30% stress threshold. Stock is almost entirely separate houses at 92.7%, and the bedroom split favours larger homes: 3-bedroom dwellings account for 47.6% and 4-plus bedrooms make up 44.9%, so buyers looking for space will find the product mix suits them. Of existing residents, 49.8% own outright and only 21.2% carry a mortgage, a sign that the suburb attracts long-term holders rather than leveraged buyers cycling through the market.
For Investors
A 29% renter share against a median house price of $751,400 and a weekly rent of $360 implies a gross yield around 2.5%, below state averages for regional VIC. The vacancy rate of 6.6% is elevated, suggesting the rental market is softer than supply would absorb easily. No development applications were recorded in the past 12 months, reflecting the suburb's built-out character at 1.2 square kilometres. The ownership structure, with 49.8% of homes owned outright, limits forced selling and supports price floors. Long-term growth is solid: the CAGR over 14 years is 3.8%, translating to 68.9% total appreciation from $445,000 to $751,400, which compares favourably to cash savings rates over the same period.
Development Activity
Total DAs
1
Last 12 Months
0
YoY ChangeiYear-over-year change in DA lodgements
—
Avg DA CostiAverage estimated cost per DA in the past year
N/A
Monthly DA Lodgements
Schools in Lake Gardens iICSEA: school advantage index. 1000 = national avg, higher = more advantaged
Ballarat High School
7-12 · 1461 students
Demographics
The median age of 51 runs 11 years above the national figure, placing Lake Gardens firmly in an aging demographic tier compared to most Australian suburbs. University qualifications reach 42.9%, which is 12.8 percentage points above the national average, reflecting the suburb's professional occupational base of Professionals (246) and Managers (120) as the top two categories. Overseas-born residents account for 19.3%, which is 2.3 points below the national rate, consistent with the Anglo-Celtic ancestry lean: English (711), Irish (312) and Scottish (277) ancestry groups dominate. Average household size is 2.3, which is 0.2 below the national figure, in line with the couples-without-children profile at 34.4% of families. The volunteering rate is 22.1%, above typical suburban benchmarks.
Age Distribution
Bedrooms
Dwelling Structure
92.7%
Houses
7.3%
Townhouse
N/A
Apartment
Tenure
The housing stock is overwhelmingly detached: 92.7% are separate houses, with semi-detached dwellings making up the remaining 7.3%. Bedrooms skew large, with 3-bedroom homes at 47.6% and 4-plus bedroom homes at 44.9%, meaning nearly all stock suits families or downsizers wanting space. Tenure is split between outright owners (49.8%), renters (29.0%) and mortgage holders (21.2%), a structure that is unusual nationally where renters more often match or exceed mortgagees. The price series shows a 68.9% total rise from $445,000 in 2013 to $751,400 in April-June 2024, with a CAGR of 3.8% over 14 years. The market peaked at $833,000 in April-June 2023 and has since declined 9.8%, though the median remains 6.6% above the Oct-Dec 2023 reading of $705,000, suggesting stabilisation.
Median House Price Trend
Source: State Valuer-General
Mortgage / mo
$1,733
Rent / wk
$360
HH Size
2.3
Personal Income / wk
$763
Vacancy Ratei% of dwellings unoccupied on Census night (ABS 2021)
6.6%
Unoccupied
53
Rent / IncomeiMedian rent as % of household income. Over 30% = housing stress
23.5%
Mortgage / IncomeiMedian mortgage as % of household income. Over 30% = housing stress
26.1%
Community Profile
Languages Spoken at Home
Ancestry
Household Composition
34.4%
Couples, no children
1,434
Total families
Economy & Employment
Healthcare is the dominant industry at 22.2% of employed residents (128 workers), followed by Education at 14.1% (81) and Public Administration at 10.2% (59), a pattern consistent with Ballarat's role as a regional services hub. Professional and Technical services account for 9.7% (56 workers). By occupation, Professionals lead at 246 and Managers follow at 120, reflecting the above-average university qualification rate of 42.9%, which is 12.8 points higher than the national average. The unemployment rate is 4.9% and the full-time employment rate is 61.7%. Participation sits at 50.7%, below the national norm, because the older median age of 51 means 669 residents are not in the labour force. Weekly household income of $1,534 sits at the 48.4th percentile nationally.
Socio-Economic Indexes (SEIFA)iABS index ranking suburbs from 1 (most disadvantaged) to 10 (most advantaged)
Full-time
61.7%
Part-time
33.4%
Participation
50.7%
Employed
750
Occupations
Top Industries
University
42.9%
Postgraduate
13.1%
Born Overseas
19.3%
Dwellings
742
Transport to Work
Car dependency is very high: 86.8% of residents drive to work, compared to far lower rates in Melbourne inner suburbs, while only 0.6% use public transport. Walking and cycling accounts for 4.0% of commutes, modest but above many comparable regional suburbs. The recorded crime total is 136 incidents, giving a rate of 75.5 per 1,000 residents. Property and deception offences account for 93 of those incidents, with crimes against the person at 27. Housing stress indicators are moderate: mortgage-to-income sits at 26.1% and rent-to-income at 23.5%, both below the 30% stress threshold. No schools are recorded within the suburb boundary, so families rely on institutions in the broader Ballarat area. The need-assistance rate is 6.0% (105 residents), consistent with an older population profile.
Drive
86.8%
Public Transport
0.6%
Walk / Cycle
4.0%
Work from Home
N/A
Safety & Crime
Total Offences
136
Year ending June 2024
Rate per 1,000 People
75.5
Offence Categories
Source: Crime Statistics Agency Victoria / SA Police
National Ranking iPercentile rank among ~15,000 AU suburbs. 90% = higher than 90% of suburbs
How Lake Gardens compares to ~15,000 Australian suburbs
Frequently Asked Questions
Is Lake Gardens a good suburb to live in?
Lake Gardens suits buyers who value stability and space. Owner-occupancy is high, with 49.8% owning outright and a low turnover rate of 21.3%. University qualifications reach 42.9%, which is 12.8 points above the national average, pointing to a professionally oriented community. The main trade-offs are limited public transport at 0.6% usage and no schools recorded within the suburb boundary.
What is the median house price in Lake Gardens?
The median house price is $751,400 as of April-June 2024, down 9.8% from the April-June 2023 peak of $833,000. Monthly mortgage repayments average $1,733, with a mortgage-to-income ratio of 26.1%. Weekly rents average $360. Long-term, prices have grown 68.9% from $445,000 in 2013, a CAGR of 3.8% over 14 years.
What schools are in Lake Gardens?
No schools are recorded within the Lake Gardens suburb boundary in this dataset. Residents rely on schools in the broader Ballarat area. The local population is well educated, with 42.9% holding university qualifications, which is 12.8 percentage points above the national average, so school quality in the region tends to be a priority for residents.
Is Lake Gardens safe?
The recorded crime rate is 75.5 incidents per 1,000 residents, based on 136 total offences. The majority are property and deception offences (93 incidents), with crimes against the person at 27. Drug offences total only 5. As an indirect indicator, housing stress is low, with mortgage-to-income at 26.1% and rent-to-income at 23.5%, both below the 30% stress threshold.
Is Lake Gardens good for property investment?
The investment case is mixed. Long-term capital growth is solid at 3.8% CAGR over 14 years, reaching 68.9% total appreciation. However, the current vacancy rate of 6.6% is elevated, weekly rent of $360 against a $751,400 median implies a gross yield around 2.5%, and no new development is recorded in the past 12 months, limiting upside from new supply dynamics.
How is Lake Gardens's population changing?
The population is small at 1,801 residents and shows stability rather than rapid growth. Some 78.7% of residents stayed in the same suburb over the five-year census period, compared to a turnover rate of 21.3%. The median age of 51 is 11 years above the national figure, suggesting the suburb is aging in place, with household formation driven by retirees and long-term owners rather than new families.
How to read these comparisons
Phrases like "above the national average" reference the unweighted median across Australian suburbs with more than 1,000 residents, not population-weighted national figures. Suburb-level medians are more useful for ranking suburbs against each other; ABS census headlines are population-weighted (so dominated by Sydney and Melbourne) and can read very differently.
Current baseline (refreshed 2026-05-10): median age 40, university-educated 30.1%, born overseas 21.6%, average household size 2.5 people.
Data sources: ABS 2021 Census (demographics, income, tenure), state Valuer-General (house prices), Department of Jobs SALM (unemployment), ACARA (school ICSEA), state Crime Statistics agencies (offences), council DA portals (development applications). Population forecasts use a Hamilton-Perry cohort model calibrated to ABS ERP.
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