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City of Casey

Cranbourne

Cranbourne Property Market
& Suburb Profile

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MEDIAN PRICES IN CRANBOURNE

Median house price

(all agencies, last 12 months)$700k*

House price change

(all agencies, last 12 months)+7.44%

Median unit price

(all agencies, last 12 months)$500k*

Unit price change

(all agencies, last 12 months)+4.17%

(Median House Price and Median Unit Price is calculated based on sales of properties with all numbers of bedrooms)

CRANBOURNE price TRACKER

HousesUnits

Cranbourne sales overview

  • Sold by Private Sale or Other Method 100%
  • (Based on Sales Reported in the Last 12 Months)

Average days on market (houses)

(all agencies, 12 months)32

Average days on market (units)

(all agencies, 12 months)31

Average held period in Cranbourne

(proptrack)11 years

Cranbourne Investor Statistics

Median rental price for Houses

(all agencies, last 12 months)$551pw

House rental price change

(all agencies, last 12 months)0.03%

Median rental price for Units

(all agencies, last 12 months)$475pw

Unit rental price change

(all agencies, last 12 months)0.03%

Average rental yield for Houses

(all agencies, last 12 months)4.01%

Average rental yield for Units

(all agencies, last 12 months)4.72%

Cranbourne total population size

(as at the last census)21,281

Median household size in Cranbourne

(as at the last census)2.7

(Median House Price and Median Unit Price is calculated based on leased properties with all numbers of bedrooms)

Cranbourne property types

  • Houses 54%
  • Units 13%
  • Other 33%

OCCUPANCY in Cranbourne

  • Owned 64%
  • Rented 34%
  • Other/Not Stated 2%
  • Singles 24%
  • Families 72%
  • Other 4%

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About Cranbourne

Located in the City of Casey, Cranbourne is 43km southeast of Melbourne and has a diverse population of young couples, families with children and empty-nesters who call the suburb home.

After a long history as a farming and agricultural hub, Cranbourne has developed over the decades into a thriving suburb. Some locals will describe Cranbourne as a suburb that has ‘stepped up its game’.

There is a mix of houses, townhouses and units of all sizes, including newly designed homes and older houses that have been upgraded or are ripe for families or investors to purchase and renovate. Large housing estates that have sprung up around greater Cranbourne in recent years have played an important role in the area's growth by attracting an influx of home buyers and investors.

Cranbourne has a huge range of community amenities, beautiful parks and gardens, top schools and excellent shopping centres and restaurants.

There are two major shopping precincts in the neighbourhood, including the Cranbourne Park Shopping Centre located along the High Street boulevard in the centre of town. The Thompson Parkway Shopping Centre and Cranbourne Homemaker Centre complex are on the suburb’s northern border.

There's easy access to plenty of sporting options, with Casey RACE (gym and aquatics centre), Casey Fields (Athletics, tennis, rugby, football, cricket, cycling).

Cranbourne has world-class clubs and facilities that cater to all types of sports enthusiasts. Football, soccer, cricket, basketball and volleyball are played at the Cranbourne Indoor Sports Centre and Casey Fields, and there are two popular golf courses at Cranbourne and Ranfurlie Golf Clubs.

The Cranbourne Racecourse and Recreation Reserve is a modern racecourse and training complex that carries on the area’s strong racing tradition. It hosts year-round horse, harness and greyhound racing events along with the annual Cranbourne Cup.

Extra community facilities include an indoor skate park called The Shed, and the Casey Recreation and Aquatic Centre at Cranbourne East that has a gym, fitness classes and pools for lap and leisure swimming, plus a splash park for kids.

The Factory is a purpose-built centre that hosts dance, theatre, choral, film and many other forms of performing arts activities.

The Royal Botanic Gardens, located just outside Cranbourne to the south, is a hugely popular attraction that draws visitors and tourists to its 300ha of beautiful wetlands, woodlands, walking tracks, picnic spots and a vast range of Australian native flora and fauna.

The train station at the suburb’s centre connects commuters to Dandenong and inner Melbourne and there are also several bus services that travel throughout Cranbourne and surrounding areas.

For motorists, Dandenong and Melbourne CBD are easily accessible via the South Gippsland Highway and M1. Cranbourne is also ideally situated just a short drive from the coastal delights of Port Phillip, Mornington Peninsula and Western Port Bay. For locals, it’s an easy day trip to spots like Seaford – home to one of Port Phillip Bay's best-hidden beach gems.

Education

Cranbourne Carlisle Primary School
Cranbourne Park Primary School
Cranbourne Primary School
Cranbourne Secondary College
Cranbourne West Primary School
Lighthouse Christian College Cranbourne
Lyndhurst Secondary College
Rangebank Primary School
St Agatha's School
St Peter's College
St Therese's School
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Sales Comparison

Find out how Cranbourne median sales prices compare to neighbouring suburbs.

Cranbourne MARKET INSIGHTS

YearProperties SoldMedian Sale Price
(All Residential)
Sales Growth YoYProperties LeasedMedian Rental Price
(All Residential)
Rental Yield
2025488$600,0007.43%582$513pw4.37%
2024449$568,7500.85%468$499pw4.55%
2023375$547,500-1.52%504$466pw4.33%
2022457$566,0008.20%492$406pw3.90%
2021575$526,50019.55%508$375pw3.55%
YearSoldMedian Sale Price
(All Residential)
Sales Growth YoY
2025488$600,000+7.43%
2024449$568,750+0.85%
2023375$547,500-1.52%
2022457$566,000+8.20%
2021575$526,500+19.55%

YearLeasedMedian Rental Price
(All Residential)
Rental Yield
2025582$513pw4.37%
2024468$499pw4.55%
2023504$466pw4.33%
2022492$406pw3.90%
2021508$375pw3.55%

PROUDLY SERVICING Cranbourne

Barry Plant
Cranbourne

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NEWS & INSIGHTS

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*The State of Victoria owns the copyright in the property sales data and reproduction of that data in any way without the consent of the State of Victoria will constitute a breach of the Copyright Act 1968 (Cth).The State of Victoria does not warrant the accuracy or completeness of the licensed material and any person using or relying upon such information does so on the basis that the State of Victoria accepts no responsibility or liability whatsoever for any errors, faults, defects or omissions in the information supplied.

This information is supplied by Barry Plant Group Pty Ltd (ABN 96 088 069 952) on behalf of PropTrack Pty Ltd (ABN 43 127 386 298).

The 12 month data in this report is from 31 October 2024 to 31 October 2025, last updated 31 October 2025.