Effectively a fancy name for a pocket of Deer Park, Caroline Springs is bound by Rockbank to the west, St Albans to the east, Truganina to the south and Hillside and Taylors Hill to the north.
The Caroline Springs postcode (3023) is shared with Burnside, Burnside Heights, Ravenhall and Cairnlea.
The entire Caroline Springs precinct is in danger of being oversupplied in 2008, as interest rate rises force many residents – largely of first home buyers – into receivership.
When there is more supply of homes than demand, values go down.
According to the REIV, Caroline Spring’s median house price for the year ended December 31, 2007, is $303,000, up 5.6 per cent since last year.
Values in Deer Park over the same period increased 35.4 per cent to $297,900. In Burnside median values were steady on last year, at $285,000. The REIV does not have statistics on sales in the Cairnlea region.
By comparison, median values increased 12.6 per cent for homes in metropolitan Melbourne, to $425,000.
The REIV annualised median figures are considered more statistically reliable than the quarterly figures released throughout the year, because they include a much greater sample of sold properties.