High demand from Indian buyers pushes Cranbourne South across million dollar mark

By Neha Soudagar
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There is demand from local Victorian Indian community to lock major Diwali and Holi celebrations in the Cranbourne-Berwick area; 2019 International Sikh Games to be held at suburb’s majestic Casey Fields Sporting Complex

Another 13 suburbs have joined the ranks of having a $1 million median house price as Melbourne real estate gets richer. And the city’s wealth is spreading to its edges, with suburbs as far as 50 kilometres from the CBD reaching seven figures.

There are now 164 suburbs with median prices above the Melbourne median of $903,859, and 143 of those have prices greater than $1 million. There are 25 suburbs in Melbourne with a median between $900,000 and $1 million; including Mentone ($981,000), Preston ($950,000) and Altona ($900,000).

Cranbourne South is among the 13 suburbs where house prices cracked $1 million for the first time, according to the latest Domain Group data. The leafy suburb, thanks mainly to demand from Indian buyers has seen its median pushed to $1,030,000, up from $945,500 in the September quarter. It joins its neighbouring suburb Narre Warren North which has a median of $1.15 Million. Adjoining suburbs like Berwick, Clyde, and Cranbourne North are also catching up with Cranbourne South and Narre Warren North.

Cranbourne has a very big Indian community. And being one of the most marginal seats leading up to the Victorian State elections in November 2018, it is likely to benefit hugely from major sops to be announced from both the major parties.

The State Opposition leader Hon. Matthew Guy has already promised his support for building an Indian cultural precinct in the area. The level crossing is being removed at Merinda Park Station, while Thompson Road is also being duplicated.

The City of Casey’s new building “Bunjil Place” has given new vibe to the whole area, while the Cranbourne Botanic Gardens keep attracting visitors from across the globe. And there are pretty good schools in Berwick and Cranbourne North areas.

The Casey Fields Sporting Complex has given a boost to the sporting atmosphere in the area. Besides Berwick has very good medical infrastructure as well. So it’s shaping up as a very good area to live and invest.

Former Ministerial Adviser Mr Nitin Gupta who is a local resident and investor commented: “Cranbourne has attracted investors looking for future growth and subdivisions. People are looking forward into the future and understanding the impact such development is going to have on the area.”

He added that there will always be people who are looking for a period property, near a village and near a train station at the $1 million mark as you cannot replicate that lifestyle in the city. “The duplication of Thompson road, and removal of Level Crossing at Merinda Park station would further improve the traffic in the surrounding area. While Liberal’s announcement of a proposed Little India in Cranbourne area would further add to the attraction of Indian buyers to the suburb, who are the major investors in the area already,” he said.

There is demand from local Victorian Indian community to lock major Diwali and Holi celebrations in the Cranbourne-Berwick area. While the 2019 International Sikh Games have been locked, to be held at majestic Casey Fields Sporting Complex near Cranbourne library, the proposed Indian precinct would bring dining options to the area, which need a bit of improvement and variety for sure.

 

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