Making a big splash
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.