Suburb Profile – Cranbourne
Cranbourne is a vibrant family-friendly suburb located 43km from the city in Melbourne’s outer south east. Featuring many quality amenities there is a lot to like about Cranbourne and the growth signs for the area are positive.
For the young population who reside there, and for those seeking to move there, Cranbourne provides all the necessary amenities that growing families require, including several well-respected schools.
Its major features include the Royal Botanic Gardens, Cranbourne Racecourse, Cranbourne Recreation Reserve, and Amstel Golf Club. It is also only 20 minutes from Monash University’s Berwick Campus.
In terms of transport connectivity, Cranbourne has its own train station making it well linked to the Melbourne south eastern suburbs and the CBD. It also enjoys easy access to the Monash freeway and East Link providing residents an easy journey to Phillip Island and the Mornington Peninsula.
The City of Casey has facilitated development throughout Cranbourne West, Cranbourne East and Clyde North, including various housing estates and shopping centres to service new communities.
Investors looking at the area will be pleased to know that the City of Casey already has the most residents of any municipality in Victoria and is the third fastest growing municipality in Victoria. In fact, and its population is forecast to grow from approximately 288,000 in 2015 to 492,497 by 2041, an increase of 68%.
Price growth in the region is impressive. The median sale price for a house in the 12 months to October 2016 was $375,000 – an annual increase of 10.29%. The median rent for a house at this time was $330 per week, presenting a median gross yield of 4.6 per cent.
The median sale price for a unit in the 12 months to October 2016 was $280,000 – an annual increase of 5.66%. The median rent for a unit at this time was $290 per week, presenting a median gross yield of 5.4 per cent.
In other good news for investors, occupancy figures show that 28% of the Cranbourne population reside in rental accommodation.
Cranbourne is currently in a growth phase that is likely to see infrastructure and community development projects attract higher numbers to the region. Smart investors should look to this suburb as a long-term investment.
– Last updated November 2016.