Get a property report and suburb profile for any property in Craigieburn

Craigieburn is an outer-northern Melbourne suburb of newer housing estates and older village pockets with a largely family-oriented character. Streets are lined with modern detached homes and growing numbers of townhouses around parks, sports fields and creekside open space, and local life tends to revolve around schools, playgrounds and weekend sport. Retail centres and community facilities cover everyday needs, while a regular train service on the Craigieburn line and major road connections make commuting straightforward.

About 65,178 people live in Craigieburn, with a median age of 32 and a median household income of $1,798 a week. Couple families with children are the largest group, and roughly 71.0% of homes are owner-occupied rather than rented. Several state-led transport projects are under way or planned, including road widening with extra lanes, bus priority, new pedestrian and cycling paths, improved station access, new trains and options for further track and signalling upgrades that would change how the area is connected.

Against local household incomes recorded at the most recent Census, housing costs in Craigieburn look like this. A house rent of $540 a week is about 30.0% of a typical local household's weekly income of $1,798 at the last Census, and a unit rent of $460 a week is about 25.6% of that income. Annualising the Census income (1,798 × 52 = $93,496) gives a median house price of $685,000 at roughly 7.3 times a typical local annual household income, and a median unit price of $495,500 at about 5.3 times that income.

Put simply, renting a house would take a sizeable share of a typical local household income at the last Census, while renting a unit would take a moderate share. Buying sits somewhat to well above what people locally earned at the last Census, so on these figures buying is the more stretched option. Whether those numbers feel expensive depends on your own income and circumstances.

Everyone's financial situation is different, so it's important to consider your own circumstances when deciding which suburb is right for you.

The clearest movement in Craigieburn over the past year was on the unit side: median unit values climbed 12.3%, a strong rise. Median house values also increased, up 7.6% over the year, a solid gain, so capital growth in units outpaced houses during this period.

Median unit rents rose 4.5% over the year, a modest increase, so rental income from units grew more slowly than their prices. If rental income is your priority the unit rent figure is the one that matters; if capital growth is your focus, unit prices led this year. Whether that pattern makes Craigieburn a suitable investment for you depends on your own goals and circumstances.

This information has been prepared without taking your objectives, needs and overall financial situation into account. It is not meant to be a substitute for professional financial advice. For this reason, you should consider the appropriateness of the information and, if necessary, seek appropriate professional advice.