Suburb Profile Report for Caroline Springs VIC (3023)

Caroline Springs House: Median price $520,000, Annual capital growth 6.09%, Number of sales 385, Weekly median advertised rent $380

Caroline Springs Unit: Median price $395,000, Annual capital growth 2.14%, Number of sales 59, Weekly median advertised rent $370

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: CoreLogic

  • House Report
  • Unit Report
  • Expert Report

Property value increases in Caroline Springs have tracked just higher than the VIC average of 7.80% over the last 12 months.

Comparing Caroline Springs,3023 ‘s 5year and quarterly average capital gain offered to property investors, it performed less well across the longer period

Property buyers and investors in Caroline Springs 3023 should be seeing an average reduction in asking price of around -5.05% . This means that Caroline Springs is holding prices well when compared to other suburbs in VIC.

With the median price for a house in Caroline Springs being $520000 and the advertised rent reaching $380 the gross rental yield for property investors calculates out to be 3.80%

Caroline Springs is in the bottom 30% in VIC when comparing median price capital growth over the last year. Caroline Springs gave property investors a disappointing capital gain figure when compared to the rest of the state, with -1.25%.

If we look at median property appreciation over just the last three months, Caroline Springs has given property investors a paper return of -1.48%. This puts Suburb as 264 on a list of fastest fasting appreciating suburbs in VIC

When looking to buy, or assessing what properties are really achieving at sale, it's essential for property investors to take into account what discounts are being offered in Caroline Springs, 3023. Typically our figures indicate that -5.78% is being offered, which puts this VIC suburb at 541th most discounted overall in Australia.

At number 811 in a list of fastest selling suburbs, Caroline Springs is just in the bottom half of suburbs in Australia with an average of days on market 79.5 for properties listed there.

The VIC suburb of Caroline Springs, 3023 is in the Melton local government area.

YIP MAG Information supplied by:

YIP MAG
July 2015

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Take a look 25km west of Melbourne’s CBD and you will find a suburb that’s got a lot of things going for it.Full summary
Take a look 25km west of Melbourne’s CBD and you will find a suburb that’s got a lot of things going for it.

Towards the north of Caroline Springs is the town square and main shopping centre. But as the name suggests, its natural beauty is a key drawcard of this suburb. In particular, the Kororoit Creek runs through the centre of the suburb which is home to some beautiful and rare plants and animals.

 
There are also great walking tracks, not to mention its sought-after parks and lakes.
 
Moving on to the popular amenities unrelated to the outdoors, there is also a good range of shops, cafés, restaurants and medical facilities within the suburb.
 
At the moment, the suburb’s main form of transport is car, however, a new V/Line train station at Caroline Springs is on track to be completed in 2016. Demand is already strong as shown by the vacancy rate of just 1.57%. Moreover, Onthehouse.com.au is predicting a strong 7% p.a growth over the next eight years.
 
Families who target this area would benefit from buying in streets such as Tumbalong St and Pyrmont Ln. Not only are they situated in a quiet area but they are in close proximity to schools, the town centre, restaurants, lakes and public transport. Three-bedroom houses in this area can be picked up for less than $500,000.
 
Close
HOUSE UNIT
$520,000 $395,000
0.97% -1.48%
10.64% -1.25%
6.09% 2.14%
$380 $370
385 59
3.80% 4.87%
56.21 79.5

Source: CoreLogic

DSR Score for property investment : Good (H), Above average (U)
Find a mortgage broker in Caroline Springs VIC
Demographics
Total population 20366
Median household income ($/weekly) 1653
Median age of persons 31
Median housing loan repayment ($/monthly) 2000
Average household size 3.1
  • Census Count Percent(%)
    0-4 years 2261 11.1
    5-14 years 3535 17.4
    25-34 years 3957 19.4
    35-44 years 4266 20.9
    45-54 years 2128 10.4
    Others 4219 20.7
    Age Group
    Census Count Percent(%)
    Registered Married 8293 59.9
    Not Married 4378 31.6
    Defacto Relationship 1182 8.5
    Social Marital Status
  • Census Count Percent(%)
    Australia 11909 61.0
    Indonesia 885 4.5
    Philippines 1171 6.0
    United Kingdom 437 2.2
    Other 1511 7.7
    Others 3598 18.4
    Country of Birth
    Census Count Percent(%)
    Buddhism 875 4.6
    Christianity 13109 68.7
    Hinduism 738 3.9
    Islam 1175 6.2
    No Religion 2881 15.1
    Others 311 1.6
    Religious Affiliation
  • Census Count Percent(%)
    $1,000-$1,249 582 10.0
    $1,250-$1,499 600 10.3
    $1,500-$1,999 1025 17.7
    $2,000-$2,499 880 15.2
    $2,500-$2,999 663 11.4
    Others 2050 35.3
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 7062 50.4
    Not in the labour force 3317 23.7
    Employed, worked part-time 2478 17.7
    Unemployed, looking for work 580 4.1
    Employed, away from work 573 4.1
    Person Characteristics
  • Census Count Percent(%)
    Managers 1219 12.1
    Professionals 2078 20.6
    Technicians & trades workers 1423 14.1
    Clerical & administrative workers 1749 17.3
    Sales 874 8.6
    Others 2766 27.4
    Occupation
    Census Count Percent(%)
    Pre-school 562 10.3
    Infants/Primary 2318 42.3
    Secondary 1403 25.6
    Technical or Further Educational Institution 358 6.5
    University or other Tertiary Institutions 656 12.0
    Others 183 3.3
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 17882 91.0
    Semi-detached, row or terrace house, townhouse 1707 8.7
    Flat, unit or apartment 53 0.3
    Caravan, cabin, houseboat 0 0.0
    Improvised home, tent, sleepers out 0 0.0
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Being purchased 4100 65.5
    Rented 1196 19.1
    Fully owned 927 14.8
    Other tenure type 34 0.5
    Tenure Type
Census 2011, ABS
Chart Table
Recent sales & rentals