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Home prices rise as Cranbourne West becomes sought after

By Customer Care

24 Everlasting Blvd, Cranbourne West, recently sold with a price guide of $590,000-$640,000.

LIFESTYLE properties and larger family homes are attracting a new set of homebuyers to Cranbourne West.

While new housing estates used to cater mainly for young families and first-home buyers, the area’s demographic profile is quickly changing, a local agent says.

Property prices have risen strongly in Cranbourne West together with its population that has grown from 8743 in 2011 to an estimated 14,000 last year.

The suburb’s median house price grew 18.4 per cent from 281 sales in the 12 months to April this year, CoreLogic figures show.

This median price growth was more impressive over three years, rising 39.6 per cent.

Located 41km from the city, the suburb’s median house price was $441,000 and its median unit price was $342,000, making Cranbourne West property still very affordable by Melbourne standards.

“It is a fast-developing suburb with a new housing mix and is attracting newcomers from other suburbs, second and third-home buyers and also new migrants,” Ray White Cranbourne sales department manager Russell Muir said.

Three-bedroom houses priced below $400,000 were the main dwelling types sold in the past.

But now more expensive four- and five-bedroom homes priced from $500,000 were popular among buyers upgrading from smaller dwellings, Mr Muir said.

“Better infrastructure, more schools and shopping areas plus sports amenities have added to the attraction of the suburb and there is room to expand as well,” he said.

“There is a change in housing type, with more units and townhouses being developed for those seeking low-maintenance living and also more lifestyle homes being built.”

There are also several mixed-use townhouse developments, where a downstairs room or space is reserved to operate a business or professional service from the home. These homes have prices starting from $500,000.

This townhouse development by Wolfdene in Cranbourne West is an award-winning project.

Mr Muir said it would not be long before a house in the suburb sold for more than $900,000 and then breach the $1 million mark.

The suburb sits among a group of fast-growing areas that are part of sprawling Casey municipality.

Casey is among Victoria’s most populated regions with a population of more than 300,000.

More than 95 per cent of dwellings in Cranbourne West are houses and these properties stayed an average 19 days on the market.

Houses in the larger Cranbourne region took longer to sell and stayed at average 39 days on the market.

Cranbourne West is continuing to grow into a family friendly area with more private and public schools and recreational amenities on offer. Newer shopping precincts are also being established to cater to the growing population. The area also has access to main roads, including the Monash Freeway, and to Merinda Park and Cranbourne train stations.


Full article from The Weekly Times 

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