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: