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Cranbourne suburb profile

Cranbourne is a rapidly growing suburb located in Melbourne's southeast, approximately 43km from the CBD. Known for its blend of urban and rural charm, Cranbourne offers a diverse range of amenities, including shopping centres, schools, and recreational facilities. The suburb is home to the Royal Botanic Gardens Cranbourne, a significant attraction showcasing native Australian flora. With its mix of established homes and new developments, Cranbourne appeals to families, first-home buyers, and investors. Its accessibility via major roads and public transport, along with a strong sense of community, makes Cranbourne a desirable place to live.

Cranbourne property market performance

Cranbourne's property market has shown varied performance over the past 12 months. House values have seen a modest increase of 0.8%, with the median house price now at $670,000. In contrast, unit values have surged by 11.1%, bringing the median unit price to $484,567, indicating a strong demand for units in the area.

Sales activity has been robust, with 77 houses and 16 units sold in the past 12 months. Both houses and units are selling quickly, with a median of 27 days on the market, suggesting a competitive market environment.

The rental market in Cranbourne has experienced significant growth, with house rents increasing by 9.4% and unit rents by 10.5% over the last 12 months, reflecting a strong demand for rental properties in the suburb.

Median price - houses$670KPast 3 months

Median price - units$485KPast 3 months

Change in value - houses0.8%12 months

Change in value - units11.1%12 months

Houses sold77Past 3 months

Units sold16Past 3 months

Median DOM - houses27Past 12 months

Median DOM - units27Past 12 months

Average rent - houses$525Past 12 months

Average rent - units$475Past 12 months

Change in rent - houses9.4%Past 12 months

Change in rent - units10.5%Past 12 months

Cranbourne demographics

Cranbourne, located in Melbourne's southeastern suburbs, is a thriving community known for its family-friendly environment and growing infrastructure. With a population of 21,281 and a median age of 35, it is a suburb that attracts a mix of young families and professionals seeking a balanced lifestyle. The area is well-served by schools, parks, and shopping centers, making it an ideal location for those looking to settle down while still having access to urban conveniences.

The suburb's housing market is diverse, with a significant portion of properties owned with a mortgage (41.5%), reflecting a community of both established homeowners and new buyers. Additionally, 23.7% of properties are owned outright, indicating a stable base of long-term residents. Rental properties make up 34.7% of the housing market, appealing to those seeking flexibility, including young professionals and families.

Cranbourne's family-oriented nature is evident, with 45.2% of households being couple families with children, and 22% being one-parent families. This demographic composition highlights the suburb's appeal to families looking for a supportive community environment. The area's amenities, combined with its proximity to Melbourne's CBD, make Cranbourne a desirable location for those seeking a suburban lifestyle with easy access to city opportunities.

Cranbourne infrastructure, key developments and investment opportunities

Cranbourne is experiencing significant developments that are likely to impact its property market. The ongoing Cranbourne Line Upgrade, including the duplication of the railway line and plans for an extension to Clyde, is set to enhance connectivity and potentially increase property values along the corridor. Additionally, the expansion of the Casey Complex, which now includes the YMCA Casey Race aquatic center and various community facilities, has improved local amenities and recreational options.

The suburb's growth is further supported by the development of new residential estates, particularly in Cranbourne East, which is part of the 'Cranbourne East Development Plan'. This plan includes a mix of housing densities, parklands, and a small industrial precinct, catering to diverse housing needs. The Royal Botanic Gardens Cranbourne and the Cranbourne Racecourse continue to be major attractions, contributing to the area's appeal. These developments, combined with Cranbourne's proximity to both urban amenities and natural spaces, are likely to sustain strong demand for properties in the area.

Cranbourne rental market trends

The rental market in Cranbourne has experienced notable growth, with house rents increasing by 9.4% over the past year to $525 per week, while unit rents have risen by 10.5% to $475 per week. This growth reflects strong demand and the suburb's appeal, making Cranbourne an attractive option for both renters and investors seeking promising returns in a developing area.

Suburbs near Cranbourne

Some popular suburbs near Cranbourne include:

  • Cranbourne East: Known for its rapidly growing residential developments and family-friendly amenities, Cranbourne East is located directly east of Cranbourne.
  • Cranbourne West: Featuring a mix of new housing estates and established homes, Cranbourne West lies to the west of Cranbourne.
  • Cranbourne North: Offering a blend of modern living and convenient shopping options, Cranbourne North is situated to the north of Cranbourne.
  • Clyde North: Known for its expansive new housing developments and community parks, Clyde North is located to the northeast of Cranbourne.
  • Clyde: Featuring a semi-rural charm with ongoing residential growth, Clyde is situated to the southeast of Cranbourne.

Common questions about Cranbourne

  • Is Cranbourne a nice place to live?

    Cranbourne is a delightful suburb that offers a harmonious blend of suburban tranquility and urban convenience, making it a fantastic place to call home. With its charming mix of established homes and new developments, Cranbourne provides a welcoming environment for families and individuals alike. The suburb is known for its vibrant community spirit and offers a variety of amenities that cater to a diverse range of lifestyles. Families will appreciate the abundance of parks and recreational spaces, perfect for weekend picnics and outdoor activities. The presence of quality schools and childcare facilities further enhances its appeal to those with children.

    The suburb's vibe is a unique combination of modern living and natural beauty, with the Royal Botanic Gardens Cranbourne serving as a serene escape for nature enthusiasts. Cranbourne's proximity to shopping centres, cafes, and restaurants ensures that residents have access to all the conveniences they need without having to venture far from home. Safety is generally not a major concern, contributing to the suburb's family-friendly reputation. The ongoing infrastructure developments, such as the Cranbourne Line Upgrade, promise to improve connectivity and make commuting to Melbourne's CBD even more convenient.

    While Cranbourne offers many advantages, there are some trade-offs to consider. The suburb's rapid growth can lead to increased traffic and congestion, particularly during peak hours. Additionally, while Cranbourne provides a peaceful lifestyle, it may not offer the same level of nightlife and cultural activities found in inner-city areas. However, for those seeking a balanced lifestyle with access to both urban amenities and natural beauty, Cranbourne is a wonderful choice. Its strong sense of community, coupled with the ongoing development of local infrastructure, makes it an attractive option for families and individuals looking to settle in a thriving suburb.

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  • Is it expensive to live in Cranbourne?

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    Disclaimer: To assess whether a suburb is considered expensive, we’ve looked at mortgage and rental costs as a proportion of the average local salary. That said, everyone’s financial situation is different, so it's important to consider your own circumstances when deciding which suburb is right for you.
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  • Is Cranbourne a good place to invest?

    Cranbourne is showing promising signs as a suburb to consider for investment, particularly in the unit market. Over the past 12 months, the median unit value has increased by a notable 8.7%, which suggests a strong demand for units in the area. This is further supported by the impressive 13.1% rise in rent for units, indicating a healthy rental market and potential for good rental yields.

    While the median house value has seen a modest increase of 1.4%, the rental market for houses has experienced a significant 10.6% growth in rent. This suggests that while capital growth for houses may be slower, there is still strong demand from renters, which could provide a steady rental income for investors.

    Overall, Cranbourne offers a balanced investment opportunity with its growing unit market and stable rental demand for houses. The suburb's appeal is likely driven by its affordability compared to inner-city areas, making it attractive to both renters and buyers. Investors looking for a mix of rental income and potential capital growth should consider Cranbourne as a viable option.

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