Suburb Profile Report for Caroline Springs VIC (3023)

Caroline Springs House: Median price $635,000, Annual capital growth 5.65%, Number of sales 274, Weekly median advertised rent $430

Caroline Springs Unit: Median price $480,000, Annual capital growth 3.80%, Number of sales 31, Weekly median advertised rent $400

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

Source: Monthly data update for May 2020 as supplied by CoreLogic. Data is reported to the period ending Feb 2020. Please note that property sales data is routinely updated, so may change retrospectively.

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  • House Report
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Caroline Springs is an average performer in VIC when comparing median price capital growth over the last year. Caroline Springs gave property investors a good capital gain figure when compared to the rest of the state, with 4.10%.

Across a shorter period, Caroline Springs, 3023 has seen a median price increase of 3.25% over the last quarter.

Our latest figures would indicate that property sellers in Caroline Springs are currently offering property investors an average price cut of -5.73% below the asking price at the moment.

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

Caroline Springs has had a pretty good year for property investment returns compared to the rest of VIC, giving investors a capital gain of 8.72% to date .

Caroline Springs,3023 has offered an average of 8.72% return per annum in house price rises to property investors over the last three years.

At number 417 in a list of fastest selling suburbs, Caroline Springs is in the TOP 40% of suburbs in Australia with an average of days on market 66.125 for properties listed there.

Advertised rents are around the $400 mark per week – giving a return of 4.33% based on the median price in Suburb

YIP MAG Information supplied by:

YIP MAG
July 2015

M
O

W
E
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.
 
Metrics i HOUSE UNIT
$635,000 $480,000
3.25% 2.67%
4.10% 8.72%
5.65% 3.80%
$430 $400
274 31
3.52% 4.33%
56.8527918781726 66.125

Source: Monthly data update for May 2020 as supplied by CoreLogic. Data is reported to the period ending Feb 2020. Please note that property sales data is routinely updated, so may change retrospectively.

DSR Score for property investment : Above average (H), Above average (U)
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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
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