Australia Heads Towards An Apartment Drought
The Property Council is predicting an apartment supply crunch across some of the country’s largest housing markets, wh...
Based on its average 5-year and quarterly capital gains, the suburb saw average growth in the long term.
The suburb also delivered a weaker performance in contrast to other Australian suburbs in terms of appreciation of property value. Investors saw the median home price rise to $550,000.
The upward trend in home prices in CRANBOURNE, 3977 averaged 1.26% per annum over a 3-year period.
Average weekly rents on listings have reached the $365 mark, reflecting a 3.45% increase in returns based on the current median price in CRANBOURNE.
An average of 24.42 real estate transactions take place per month in CRANBOURNE which translates to 293 per annum.
293 properties were sold in CRANBOURNE in 2016, making it the 364th most active market in VIC based on total real estate transactions.
CRANBOURNE, 3977 places 435th in Australia based on median property value growth during the quarter.
Famous for its decades-old Royal Botanic Gardens, Cranbourne is a town classified as a semi-rural area in the City of Casey. Demand is starting to pick up in Cranbourne, as reflected by the nearly 5,000 people that arrived on its doorsteps last year. Despite this, the occupancy rate in this rising suburb remains favourable for property hunters who have intentions of investing their money on real estate in quiet vicinities and, most importantly, at an affordable price. The median home price in Cranbourne is $414,000, while units cost $290,750 — both significantly cheaper than their urban counterparts.
Travelling to Cranbourne
Cranbourne lies within a distance of 43 kilometres from Melbourne’s central business district, which translates to an hour of travel by private car. The suburb is accessible via the Monash and South Gippsland Freeways, and through the Cranbourne Line, which should make travel convenient for commuters to neighbouring suburbs, such as Lynbrook, Clyde North and Cranbourne South.
The botanical gardens is not the only tourist draw in the suburb. There’s no dearth of retail hubs in Cranbourne which include Kmart, Target and the Cranbourne Park Shopping Centre. The suburb is also home to the Cranbourne Golf Club and several health and wellness destinations. A number of schools, such as the Cranbourne East Primary School and Cranbourne East Secondary College, are also present in the area.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||10%||8.11%|
|Median 3 years||3.77%||7.82%|
|Median 5 years||50.57%||42.86%|
|10 years average annual||5.52%||5.21%|
|Weekly media advert. rent||$365||$350|
|Time on Market||52.2 days||79.5 days|
|Gross Rental Yield Percent||3.45%||4.55%|