Caroline Springs suburb profile
Caroline Springs is a modern and rapidly growing suburb located 25km west of Melbourne's CBD. Known for its well-planned residential areas, it offers a family-friendly environment with a range of amenities. The suburb features picturesque lakes, parks, and walking trails, providing ample recreational opportunities for residents. Caroline Springs is home to a variety of schools, shopping centres, and dining options, catering to the needs of its diverse community. With convenient access to public transport and major roadways, it is an attractive choice for families and professionals seeking a balanced lifestyle within reach of the city.
Caroline Springs property market performance
Caroline Springs has experienced modest growth in its property market over the past 12 months. House values have increased by 0.5%, with the median house price now at $722,500. Meanwhile, unit values have seen a slightly higher increase of 2%, bringing the median unit price to $463,000. This indicates a steady demand for both property types in the area.
Sales activity has been active, with 69 houses and 20 units sold in the past 12 months. Houses are selling relatively quickly, with a median of 28 days on the market, while units are taking longer, with a median of 39 days, suggesting a more competitive market for houses.
The rental market in Caroline Springs has shown significant growth, with house rents increasing by 14.6% and unit rents by 11.1% over the last 12 months. This reflects a strong demand for rental properties in the suburb.
Median price - houses$723KPast 3 months
Median price - units$463KPast 3 months
Change in value - houses0.5%12 months
Change in value - units2.0%12 months
Houses sold69Past 3 months
Units sold20Past 3 months
Median DOM - houses28Past 12 months
Median DOM - units39Past 12 months
Average rent - houses$550Past 12 months
Average rent - units$500Past 12 months
Change in rent - houses14.6%Past 12 months
Change in rent - units11.1%Past 12 months
Caroline Springs demographics
Caroline Springs, located in Melbourne's western suburbs, is a thriving community known for its family-friendly environment and modern amenities. With a population of 24,488 and a median age of 35, it is a suburb that appeals to young families and professionals seeking a balanced lifestyle. The area is characterized by its well-planned infrastructure, including parks, schools, and shopping centers, making it an attractive place for those looking to settle down.
The suburb's demographic profile reveals a strong presence of couple families with children, accounting for nearly 60% of the population. This highlights Caroline Springs as a family-oriented suburb, with ample facilities and services catering to the needs of growing families. Additionally, 22.6% of households are couple families without children, and 16.2% are one-parent families, indicating a diverse family structure within the community.
In terms of property ownership, a significant portion of residents, 53.3%, own their homes with a mortgage, reflecting the suburb's appeal to new homeowners and those investing in property. Meanwhile, 23.9% of homes are owned outright, and 22.8% are rented, offering a mix of stability and flexibility for residents. Caroline Springs' combination of modern living, community spirit, and accessibility to Melbourne's CBD makes it a desirable location for those seeking a suburban lifestyle with urban conveniences.
Caroline Springs infrastructure, key developments and investment opportunities
Caroline Springs is experiencing ongoing development that is enhancing its appeal to residents and investors. The recent expansion of CS Square shopping centre, including a new Woolworths supermarket and additional retail stores, has improved local amenities and convenience. Infrastructure upgrades like the Caroline Springs railway station, which opened in 2017, have significantly improved connectivity to Melbourne's CBD.
The suburb continues to see new residential developments, with a mix of housing options from apartments to larger family homes. Ongoing investment in community facilities, such as parks, walking trails along Kororoit Creek, and sporting complexes, is enhancing livability. These improvements, combined with Caroline Springs' relative affordability compared to inner suburbs, are likely to sustain demand for properties in the area.
Caroline Springs rental market trends
The rental market in Caroline Springs is experiencing significant growth, with house rents increasing 14.6% over the past year to $550 per week, while unit rents have risen 11.1% to $500 per week. This suburb continues to attract interest due to its family-friendly environment and expanding amenities, making it an appealing choice for both renters and investors.
Suburbs near Caroline Springs
Some popular suburbs near Caroline Springs include: