Mak­ing a big splash

Herald Sun - Property - - SUBURB PROFILE - PETER FARAGO

WHEN Aus­tralia’s fastest­grow­ing sub­urb is on your doorstep, there’s go­ing to be change to the lo­cal land­scape.

And that’s the ex­pe­ri­ence at Cran­bourne, about 40km south­east of Mel­bourne’s CBD.

About 4600 peo­ple moved into new homes in Cran­bourne East in the 2014-15 fi­nan­cial year, new Aus­tralian Bureau of Statis­tics fig­ures show — a growth rate of 32 per cent.

In a prop­erty sense, the sub­urb of Cran­bourne has en­joyed mod­er­ate me­dian house price growth of 6.4 per cent in the past 12 months to $351,000, ac­cord­ing to CoreLogic RP Data.

De­mand for prop­erty re­mains strong, with houses spend­ing an av­er­age 46 days on the mar­ket, while sellers are only giv­ing ground on price by about 3.4 per cent.

O’Brien, Cran­bourne, di­rec­tor Matt De­wan said firsthome buy­ers are a sig­nif­i­cant por­tion of the mar­ket, par­tic­u­larly in the Cas­cades on Clyde es­tate and Cran­bourne West, while sec­ond and third­home buy­ers were chas­ing life­style prop­er­ties in Cran­bourne East, Botanic Ridge and Cran­bourne South.

Mr De­wan said price was a big fac­tor in at­tract­ing buy­ers to Cran­bourne, but the level of in­fras­truc­ture sealed the deal.

“It’s only 45 min­utes to the city with one traf­fic light go­ing through and 20 min­utes to the beach,” he said. “There are a lot of pos­i­tives — there are some re­ally good sport­ing fa­cil­i­ties and nice schools for the kids.”

ABS di­rec­tor of de­mog­ra­phy Bei­dar Cho said Mel­bourne’s outer suburbs had some of the largest growth in Aus­tralia.

“Seven out of the country’s top 10 growth ar­eas were in Greater Mel­bourne,” she said.

And suburbs such as Cran­bourne are chang­ing to deal with the growth.

In Cran­bourne, fa­cil­i­ties such as the Cran­bourne Park shop­ping cen­tre have un­der­gone a big up­grade, pro­vid­ing res­i­dents with a full suite of su­per­mar­kets and dis­count de­part­ment stores, not to men­tion other large re­tail­ers.

And the Casey Recre­ation and Aquatic Cen­tre has been billed as the City of Casey’s largest con­struc­tion project. Sited on Ber­wick-Cran­bourne Rd, Cran­bourne East, its fea­tures in­clude a com­pe­ti­tion­stan­dard eight-lane 50m pool, swimming lessons, a spa, sauna, steam room, warm wa­ter pool and an in­door splash park.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.