Having undergone a massive development wave over the last fifteen years, Cranbourne shares its postcode with Sandhurst, Cranbourne West, Cranbourne North and Cranbourne East.
According to the REIV, Cranbourne’s median house price for the year ended December 31, 2007, is $231,000, up 5 per cent since last year.
Values in Cranbourne North over the same period increased 14.3 per cent to $253,150 while in Cranbourne West, median values increased 14.3 per cent to $253,150.
The suburb of Cranbourne East is still relatively new, and is not on the REIV’s radar.
All these suburbs share the same postcode.
By comparison, median values increased 12.6 per cent for homes in metropolitan Melbourne, to $425,000.
Like other “affordable” suburbs like Dandenong, Epping and Melton, Cranbourne is sensitive to interest rate movements, and it’s yet to be seen whether a spurt of rises by the RBA in early 2008, has dented the market.
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.