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Cranbourne East MARKET OUTLOOK CRANBOURNE EAST Located in Melbourne’s south-eastern corridor is Cranbourne East, a growing and maturing suburb offering local amenity, infrastructure investment and employment opportunities. 01 Walkability & Accessibility 03 Infrastructure & Employment 04 Population & Demographics 05 Residential Market 06 Rental Market Prepared exclusively for Country Garden Australia September 2018 WALKABILITY & ACCESSIBILITY Cranbourne East is located 52 kilometres southeast of Melbourne’s CBD within the City of Casey Local Government Area. With a combination of schools, medical facilities, parks and recreational spaces, as well as proximity to shopping centres, the suburb offers a family-friendly environment. TRANSPORT Cranbourne East is well serviced by Melbourne’s road network. The CBD is a 50 minute off-peak drive via the Monash Freeway, which is accessible via the South Gippsland Highway from Cranbourne East. Bus and train 1 networks also service the suburb, providing various transport options for residents. Shared paths for those 2 on foot and by bike connect schools, leisure centres and parks throughout the local area. Bus routes: 898, 795, 796, 798, 897 – Linking neighbouring suburbs, parks, shopping and leisure centres. Train line: Cranbourne railway line – Provides a 60-70 minute journey to Flinders Street Station from Cranbourne Railway Station. 6 NEIGHBOURHOOD AMENITIES Retail: Cranbourne Park Shopping Centre provides a 7 Coles, IGA and Aldi. Community & Leisure: Casey Fields, Cranbourne 9 8 Library, Casey Stadium and The Shed Skatepark. Schools, Education and Child Care: Eclipse Early E ROAD NAM Childcare, One Early Education Childcare, St. Agatha’s Catholic Primary School, Cranbourne East Primary/ Secondary Schools, Cranbourne Secondary College, Casey Grammar School and Chisholm TAFE. 10 Medical: Cranbourne Care Centre (Monash Health), Cranbourne Park Family Care Clinic, Amstel Medical Centre. Parks and Open Spaces: Approximately 80ha of open space including Cranbourne Racecourse, Royal South Gippsland Highway Botanic Gardens (Cranbourne), Ray Perry Park and Grow Estate Reserve. FUTURE AMENITIES 1. Melbourne CBD (50 min drive) Cranbourne East & Clyde Railway Stations: $3m 2. Dandenong has been allocated by the State Government to acquire 3. Dandenong Ranges land for a future railway station in Cranbourne East. The 4. Narre Warren Cranbourne/Pakenham line is also forecast to increase its peak capacity by 45% when the Metro Tunnel is 5. Cranbourne Railway Station operational. 6. St Agatha's Primary School Schools and Child Care Centres: Approximately $40m 7. Cranbourne Centre (Monash Health) investment to construct six primary, secondary and child 8. Cranbourne Racecourse & Recreation Reserve care facilities in Cranbourne East. 9. Royal Botanic Gardens Cranbourne (10 min bus ride) 2 Market Outlook Cranbourne East Cranbourne East is currently a 60-70 minute commute by rail from the CBD. Once the Metro Tunnel is also complete, it is anticipated that travel times will reduce by a further 15 minutes to Parkville and 25 minutes to St Kilda Road. By Bus Cranbourne Park Shopping Centre 6 minutes Cranbourne Care Centre (Monash Health) 7 minutes Royal Botanic Gardens (Cranbourne) 10 minutes Casey Grammar School 10 minutes Casey Fields 3 12 minutes By Train Dandenong Station 13 minutes Flinders Street Station 60-70 minutes 4 Note: Estimated times are from Cranbourne Railway Station Source: Public Transport Victoria 5 Cranbourne Line Narre Warren14 - Cranbourne Road 13 12 22 11 15 16 17 21 20 18 19 Berwick-Cranbourne Road 25 24 23 10. Cranbourne Training Complex 18. Cranbourne Library 11. Cranbourne Park Family Care Clinic 19. Casey Recreation & Aquatic Centre (RACE) 12. Cranbourne Park Shopping Centre 20. The Shed Skate Park 13. Cranbourne Secondary College 21. Cranbourne East Railway Station (Future) 14. Hunt Club Village Shopping Centre 22. Cranbourne East Primary & Secondary School 15. Casey Grammar School 23. Proposed Sports and Recreation Centre 16. Chisholm Institute (TAFE) 24. Grow Estate Reserve 17. Casey Stadium 25. Casey Fields Athletics Centre (12 min by bus) Prepared exclusively for Country Garden Australia 3 Over $250 million in infrastructure INFRASTRUCTURE projects is in the pipeline for Cranbourne East and the surrounding & EMPLOYMENT area, to be delivered by 2021. INFRASTRUCTURE EMPLOYMENT Cranbourne East and its surrounding suburbs are Cranbourne East residents have convenient access set to benefit from planned infrastructure projects. to the Cranbourne Activity Centre which provides These upgrades and additions are indicative of a focus for amenity, retail and businesses. This the significant investment being injected into the encourages employment and growth in the region. local community. According to Plan Melbourne, the City of Casey has also 01 CASEY HOSPITAL EXPANSION proposed two additional Major Activity Centres. One of $135m – Est. Comp: 2019 these Centres is in Clyde and the other in Clyde North. Further employment opportunities will be fostered Currently under construction is the expansion through these centres, further benefitting residents of Casey Hospital located in Berwick. The improvements locally, including those in Cranbourne East. include the construction of a new seven-storey building to contain an additional 130 beds, as well Based on employment projections from Plan Melbourne, as several operating theatres. The building will also it is anticipated that the Southern Region of Melbourne, feature a training space which will be operated by which includes Cranbourne East, will see 23% growth Monash University. in the number of workers by 2031. White-collar jobs such as those in community and business services 02 THOMPSONS ROAD UPGRADE are anticipated to be the predominant industries for $72m – Est. Comp: 2019 these additional 85,300 workers. This follows the Upgrades include expanding roads to provide 5-percentage point increase in white-collar employed an additional lane in each direction along several main residents and equivalent decrease of blue-collar roads, including Frankston-Dandenong Road, Marriott worker proportions in Cranbourne East over the decade Boulevard, Narre Warren-Cranbourne Road and Berwick- 2006-2016, with white-collar workers making up a 62% Cranbourne Road. Some 10 kilometres of shared-use share of all employed residents in 2016 and blue-collar space will also be built. workers 38%. 03 CASEY FIELDS FOOTBALL CENTRE $50m – Est. Comp: 2021 WHITE COLLAR & BLUE COLLAR EMPLOYED RESIDENTS Located in Cranbourne East, the proposed Cranbourne East state-of-the-art Football Centre will feature several training grounds in both artificial and natural surfaces. White collar The project will be staged, with the first stage for the community facility, while the second stage will be 61% 62% specifically for a potential A-league club. Construction 57% is estimated to complete in 2021. FORECAST EMPLOYMENT Southern Region to 2031 2006 2011 2016 2018 376,700 Blue collar 43% 39% 38% 2031 462,000 +23% 2006 2011 2016 Source: Plan Melbourne, Urbis Source: ABS, Urbis 4 Market Outlook Cranbourne East POPULATION & Cranbourne East is forecast to see 15,350 additional residents by 2031, reflecting DEMOGRAPHICS total growth of 71%. POPULATION POPULATION FORECAST Cranbourne East Cranbourne East is relatively new as a suburb but is growing 37,100 and maturing, with an estimated 32,700 30,200 resident population of 21,750 in 2017 2017. Six years prior, the suburb 21,750 had a population of only 8,100. 17,000 Therefore, over this period the area grew 2.7 times in size. 8,100 PROJECTED POPULATION Looking forward, Cranbourne East Population Resident is anticipated to continue growing on the back of state planning policy 2011 2016 2021 2026 2031 that focuses on growth areas. While Source: ABS, SAFi, Urbis the rate of growth will temper from the previous six years, which saw 13,650 people added to the suburb, PROJECTED POPULATION GROWTH Cranbourne East is estimated to add Cranbourne East even more residents by 2031. Some 15,350 more people are estimated to call the area home within 13 years, 2017 21,750 2031 37,100 (+71%) with the suburb reaching an eventual population of 37,100. Source: ABS, SAFi, Urbis WHO LIVES IN CRANBOURNE EAST? DEMOGRAPHICS 2016 Cranbourne East has drawn more younger people, families with children, and home purchasers than the Greater Melbourne Annual Household Average Aged 25-39 average. This is reflected in the Income Household Size demographic statistics, that also indicate the high proportion of 29% $90,150 3.2 houses, four bedroom dwellings, 24% $95,850 2.7 and higher average household size. Some 42% of residents in Cranbourne East were also found to be born overseas, which is a higher Purchasing Typical number proportion than that for Greater Live in a House Melbourne overall. their Home of Beds A function of a younger demographic 87% 62% 4 is a lower than average annual 68% 39% 3 household income. Cranbourne East registered $90,150, compared with $95,850 for Greater Melbourne. Cranbourne East However, Cranbourne East has Greater Melbourne experienced a 15% increase in Annual Families with Overseas Born Household Income since 2011, which Children was higher than Greater Melbourne's growth. This demonstrates a 71% 42% progressive shift to residents having 64% 36% access to higher income jobs. Source: ABS, Urbis Prepared exclusively for Country Garden Australia 5 Cranbourne East has showcased strong RESIDENTIAL median price growth for both houses and vacant land lots, increasing 19% MARKET and 40% over the year respectively. MEDIAN PRICE MEDIAN HOUSE PRICE – CRANBOURNE EAST Year to March 2018 In the year to March 2018, houses in Cranbourne East achieved a median $588,000 $560,000 price of $560,000. This median price $517,500 makes Cranbourne East $170,000, or 23%, more affordable than Greater Melbourne overall. Cranbourne East’s relative affordability also applies to the surrounding area. Compared with the City of Casey, its 3-Bed 4-Bed All Houses median price is 4% lower. Source: APM Price Finder, Urbis In the same period, vacant land sales MEDIAN PRICE GROWTH – HOUSES AND VACANT LAND achieved a median price of $335,000 Year to March 2018 in Cranbourne East.
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