Suburb Profile Report for Cranbourne West VIC (3977)

Cranbourne West House: Median price $523,000, Annual capital growth 6.39%, Number of sales 293, Weekly median advertised rent $390

Cranbourne West Unit: Median price $387,500, Annual capital growth 9.07%, Number of sales 23, Weekly median advertised rent $360

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

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

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With a capital gain of -2.43% for the last 12 months, Cranbourne West, 3977 has performed for property investments than its average annual 6.39% property growth over the last 5 years.

While Cranbourne West,3977 ranked number 489th in VIC for increase in median house value (annualised) increase, it is ranked 51th over the last 5 years.

The most recent median price for Cranbourne West is $523000, with sellers offering an average of -6.24% off the asking price.

Renters in Suburb are facing rents around $20280 per annum or $390 every week.

VIC has seen average median house prices change by 7.35% which means that Cranbourne West, 3977 has done well for property investors by showing a capital gain of 0.65% over the last year

If we look at median property appreciation over just the last three months, Cranbourne West has given property investors a paper return of 0.65%. This puts Suburb as 221 on a list of fastest fasting appreciating suburbs in VIC

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
$523,000 $387,500
0.58% 0.65%
-2.43% 0.65%
6.39% 9.07%
$390 $360
293 23
3.88% 4.83%
51.9288537549407 37.8333333333333

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

DSR Score for property investment : Good (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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