Caroline Springs

POSTAL CODE: VIC, 3023

HOUSE

UNIT

CAROLINE SPRINGS, 3023 delivered a weaker performance in contrast to other Australian suburbs in terms of appreciation of property value.

Average median house prices in VIC have risen as a whole, pulling CAROLINE SPRINGS, 3023 values up and netting property investors a capital gain of 5.68% for the past year.

Investors saw the median home price rise to $782,000.

Profits due to an upward trend in home prices in the suburb averaged 1.63% per annum over a 3-year period.

CAROLINE SPRINGS now ranks at the 336th place on a list of fastest growing suburbs in the territory.

Figures from the previous quarter show that capital gains for real estate buyers in CAROLINE SPRINGS are low, as opposed to average gains per annum over the past five years.

Because of this real estate investors could earn a rental income of $550 based on current median home prices.

Regardless, it is expected for properties to spend some time on the market prior to a successful sale. In CAROLINE SPRINGS, homes and units usually stay on listing for an average of 37.5 days.

In 2016, 342 properties were sold in CAROLINE SPRINGS during the past year, making it the 295th most active market in VIC based on total real estate transactions.

CAROLINE SPRINGS ranks 57th in VIC when it comes to estimated capital gains experienced by property investors over the past three years.

CAROLINE SPRINGS, 3023 has a capital gain of -0.2% for the past year, which is lower than average compared to its 7.45% growth within a five-year period.

With the median home price in CAROLINE SPRINGS sitting at $505,000, and the average rent at $500, property owners could potentially earn a 5.15% increase in gross rental yield.

Property investors have seen a -1.17% drop in CAROLINE SPRINGS based on a decrease in median home prices for the past three months.

A survey of average capital gains or median home price increase in suburbs across the country shows that CAROLINE SPRINGS, 3023 obtained a 2.41% growth over a ten-year period. It ranks 1368th on our list of suburbs that property investors should look into.

Surburb overview

Caroline Springs, located approximately 21 kilometres west of Melbourne's Central Business District (CBD), is a suburb within the City of Melton local government area. As of the 2021 census, it has a population of 20,365 residents.

Established in 1999, Caroline Springs was developed on greenfield land by Delfin in partnership with the original landowners. The suburb features a centrally located town square, a leading shopping centre, CS Square, and an artificial lake called Lake Caroline. In April 2019, CS Square underwent an expansion, introducing a new Woolworths supermarket, multiple retail stores, and an expanded car park.

Caroline Springs is primarily car-dependent. Caroline Springs Boulevard is the main arterial road connecting it to the Deer Park Bypass and the Western Highway. Public transportation includes the Caroline Springs railway station, which opened in January 2017 and provides residents access to Melbourne's train network.

The suburb offers a range of amenities, including educational institutions, healthcare facilities, and shopping centres. CS Square is the primary retail hub, featuring various shops, restaurants, and entertainment options. Additionally, the WestWaters Hotel and Entertainment Complex, located on the edge of Lake Caroline, provides accommodation and dining services.

Caroline Springs boasts several parks and recreational facilities, enhancing residents' quality of life. The suburb's development includes large lakes and wetlands, which attract various species of birds and frogs and contribute to the area's biodiversity. The Kororoit Creek runs through the suburb's centre, offering scenic walking and cycling paths.

Caroline Springs' blend of modern infrastructure, natural beauty, and community-oriented living makes it a desirable location for a diverse range of residents.

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Data report can be found below

Key Property Date Report	HOUSE	UNIT
Median Price	$782,000	$505,000
Growth Report
Median Quarterly	1.46%	-1.17%
Median 12 month	5.68%	-0.2%
Median 3 years	4.9%	6.32%
Median 5 years	19.66%	7.45%
10 years average annual	5.07%	2.41%
Weekly media advert. rent	$550	$500
Time on Market	37.5 days	80.5 days
Gross Rental Yield Percent	3.66%	5.15%

Demographics (Median Values)*

Total Population 63972

Weekly Household Income 1586

Household Size 3.20

Average Age 33

Monthly Loan Repayment 1800

* Australian Bureau of Statistics (May 2021) 2016 Census DataPacks[https://datapacks.censusdata.abs.gov.au/datapacks/],ABS Website, accessed 2016.

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