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

Cranbourne, in outer south-east Melbourne, blends suburban neighbourhoods with pockets of semi-rural land and attracts families and commuters. The town centre combines a compact retail strip with larger shopping precincts and community facilities, while sports ovals and a racing track reflect its regional role. The Royal Botanic Gardens Cranbourne and nearby native bushland give the area a strong outdoor focus. Housing ranges from established brick homes to newer estate developments and larger lifestyle blocks, and the Cranbourne train line and station are a key commuter link to the metropolitan network.

Home to 21,281 people with a median age of 35, Cranbourne is a suburb of families: couple families with children make up 45.2% of families and, together with couple families without children at 30.5%, account for about 75.7% of families. Around two in three households are owner occupied (65.2% combined) while 34.7% are rented, and the median household income is $1,477 a week. Significant transport upgrades have strengthened commuter links, a new community hospital has opened, and council-led work on the Cranbourne Hub is under way, all supporting local services and infrastructure.

On the figures for Cranbourne, housing sits well above what local households earned at the last Census. A median house price of $725,500 works out to about 9.4 times a typical local household's annual income at the last Census (weekly income $1,477, or $76,804 a year), while the median unit price of $547,500 is about 7.1 times that annual income. Looking at renting, a house rent of $550 a week would take about 37.3% of a typical local household's weekly income at the last Census and a unit rent of $460 a week about 31.1% — both are a sizeable share of income, with house rents taking the larger share.

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

House and unit values in Cranbourne both rose by about 8% over the past 12 months, with house values up 8.1% and unit values up 8.0% — a solid rise in what properties are worth. Rents increased more slowly: house rents rose a modest 3.8% and unit rents rose a modest 2.2%, so price growth outpaced rental growth over the year.

If steady rental income is your priority, the rent figures are the ones to watch; if capital growth is more important, the value increases are the relevant measure. Whether that balance suits your plans 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.