Suburb Profile Report for Cranbourne West VIC (3977)

Cranbourne West House: Median price $520,000, Annual capital growth 7.07%, Number of sales 262, Weekly median advertised rent $390

Cranbourne West Unit: Median price $385,000, Annual capital growth 11.07%, Number of sales 17, Weekly median advertised rent $350

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

Source: Monthly data update for Nov 2019 as supplied by CoreLogic. Data is reported to the period ending Aug 2019. Please note that property sales data is routinely updated, so may change retrospectively.

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  • House Report
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If you compare the increase in value of investment property in Cranbourne West, 3977 to the rest of Australia, it performed around average. The median increase in value, or capital gain property investors experienced for this VIC suburb was -3.79%.

Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Cranbourne West has increased when compared to the 5 year average annual rate.

Cranbourne West, 3977 is offering VIC ‘s 195th most discounted properties when looking at the average discount being offered by vendors. This puts it in the TOP 40% of discounts offered by this VIC.

On average over the past year, suburb has had 21.83 sales per month, which equates to 262 per year.

With the median price for a house in Cranbourne West being $520000 and the advertised rent reaching $390 the gross rental yield for property investors calculates out to be 3.90%

At number 548th in the list of Australian suburbs ordered by increase in median house value over the last year, Cranbourne West, 3977 is in the top 40% with a property value increase of 0.92% recorded in median house prices.

The five-year average increase in median property values for Cranbourne West,3977 has given property investors a potential capital gain of 27.06% across each of those five years.

Residents and property investors in Cranbourne West have been waiting around 55.0833 days to sell a property.

The VIC suburb of Cranbourne West, 3977 is in the Casey (C) local government area.

Information supplied by:


April 2019

M
O

W
E

Still in the black

Postcode: 3977

Median unit price: $403,500

Three-year growth: 32.9%

Rental yield: 4.4%

A stone’s throw from the Cranbourne CBD, the suburb of Cranbourne West underwent development in the last decade and has emerged as a great hub for amenities since then.

With a median price of $403,500, units are reasonably priced here. And while growth has weakened over February 2018-2019, the suburb still boasts an average annual growth rate of 13%.

The suburb is quite close to the shore, making it ideal for those who love the water. Many residents laud its community-oriented vibe, and they enjoy the proximity of recreational facilities like the Royal Botanic Gardens, the Cranbourne Racecourse & Recreation Reserve, several golf clubs, and the Factory Rehearsal Centre for the Arts. There is also a wealth of schools in the vicinity, including a TAFE campus. Local entertainment is also just nearby in Cranbourne.

Metrics i HOUSE UNIT
$520,000 $385,000
-1.89% 4.76%
-3.79% 0.92%
7.07% 11.07%
$390 $350
262 17
3.90% 4.73%
59.8185840707965 55.0833333333333

Source: Monthly data update for Nov 2019 as supplied by CoreLogic. Data is reported to the period ending Aug 2019. Please note that property sales data is routinely updated, so may change retrospectively.

DSR Score for property investment : Above average (H), Good (U)
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Demographics
Total population 8743
Median household income ($/weekly) 1204
Median age of persons 29
Median housing loan repayment ($/monthly) 1646
Average household size 3
  • Census Count Percent(%)
    0-4 years 956 10.9
    5-14 years 1424 16.3
    25-34 years 1691 19.3
    35-44 years 1419 16.2
    45-54 years 990 11.3
    Others 2263 25.9
    Age Group
    Census Count Percent(%)
    Registered Married 2753 46.1
    Not Married 2532 42.4
    Defacto Relationship 691 11.6
    Social Marital Status
  • Census Count Percent(%)
    Australia 5656 67.6
    Indonesia 434 5.2
    Papua New Guinea 433 5.2
    United Kingdom 296 3.5
    Other 685 8.2
    Others 858 10.3
    Country of Birth
    Census Count Percent(%)
    Buddhism 294 3.7
    Christianity 4833 61.0
    Hinduism 343 4.3
    Islam 307 3.9
    No Religion 1991 25.1
    Others 155 2.0
    Religious Affiliation
  • Census Count Percent(%)
    $600-$799 260 10.5
    $800-$999 291 11.7
    $1,000-$1,249 363 14.6
    $1,250-$1,499 315 12.7
    $1,500-$1,999 433 17.4
    Others 821 33.1
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 2649 43.6
    Not in the labour force 1783 29.3
    Employed, worked part-time 1077 17.7
    Unemployed, looking for work 321 5.3
    Employed, away from work 250 4.1
    Person Characteristics
  • Census Count Percent(%)
    Technicians & trades workers 696 17.5
    Community & personal service workers 394 9.9
    Clerical & administrative workers 574 14.4
    Machinery operators & drivers 631 15.9
    Labourers 637 16.0
    Others 1045 26.3
    Occupation
    Census Count Percent(%)
    Pre-school 193 8.8
    Infants/Primary 909 41.3
    Secondary 626 28.4
    Technical or Further Educational Institution 223 10.1
    University or other Tertiary Institutions 154 7.0
    Others 97 4.4
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 8299 98.5
    Flat, unit or apartment 109 1.3
    Semi-detached, row or terrace house, townhouse 19 0.2
    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 1696 62.5
    Rented 698 25.7
    Fully owned 310 11.4
    Other tenure type 9 0.3
    Tenure Type
Census 2011, ABS
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