Discover the real estate perspective of Point Cook’s dynamic growth and diversity
Named after its early settler John M. Cooke in the 1830s, the southwestern Melbourne suburb of Point Cook has flourished from its pastoral roots into a vibrant, multicultural community. Located 22km from Melbourne’s city centre, Point Cook has morphed from a relatively rural locale into a bustling, rapidly expanding suburban paradise. Its transformation over the years is nothing short of extraordinary.
Historical Overview
In its early existence, Point Cook was chiefly used for farming by pastoralist Thomas Chirnside. The famous twenty-five room Point Cook Homestead, built in 1857, is a testament to this era. However, it wasn’t until the late 1990s, with the establishment of the RAAF Base Point Cook, that the suburb started to truly develop and become recognised as a major residential area. Today, this flourishing suburb is home to an estimated population of over 68,690, according to the Australian Bureau of Statistics (ABS) in 2022.
Population Growth and Diversity
The growth in Point Cook’s population is nothing short of phenomenal. According to the Australian census data, it increased from 1,737 in 2001 to an astonishing 49,929 by 2016. The 2021 census data further showcased an impressive upswing, with the population reaching 66,590. The diverse composition of this population reflects its inclusive character, with Indian, English, Chinese, Australian, and Irish ancestries being most predominant. Notably, 25% of the population is from the Indian subcontinent, underscoring the multiculturalism that defines Point Cook.
Dwelling Characteristics
When it comes to dwellings, Point Cook’s residential properties are largely separate houses, accounting for 87.9% of all dwellings. Medium and high-density dwellings account for 11.7% and 0.4% respectively, as per the 2021 census data. The total number of dwellings saw a substantial increase, growing by 10,964 between 2016 and 2021. Such growth indicates the high demand for housing in the area, presenting significant potential for real estate development.
Education, Employment, and Income
The residents of Point Cook place a strong emphasis on education. As of 2021, 41.1% of residents aged 15 and above held a Bachelor or Higher degree qualification, which was significantly higher than the 32.4% average of the City of Wyndham. On the employment front, 66% of the population worked full-time, while 28% were in part-time employment in 2021. The suburb also boasts a healthy income profile, with 17.4% of the population earning an income of $2,000 or more per week.
Real Estate Market
The real estate market in Point Cook offers strong potential for both homeowners and investors. The median house price as of the latest data stands at $755,000, with a growth rate of 3.4% over the past 12 months and a rental yield of 3.2%. On the other hand, unit properties have a median price of $490,000, and while the growth rate over the past year has decreased slightly by 1.0%, they offer a slightly higher rental yield of 3.9%.
Point Cook’s growth over the past few decades has been nothing short of extraordinary. Its rapid development, diverse population, strong emphasis on education, and expanding real estate market make it an enticing option for families, professionals, and investors alike. As it continues to develop, Point Cook is set to further cement its status as a thriving, multicultural suburban haven within Melbourne’s expanding cityscape.
Unarguably, Point Cook’s history plays a crucial role in shaping its present. The roots of farming and pastoral care reflect in the green expanses and parks that are now a part of the suburb. The wetlands of the Point Cook Coastal Park form part of the Cheetham and Altona Important Bird Area, adding to the suburb’s rich natural heritage.
The residential properties, majorly separate houses, are also a draw for families seeking space and a serene lifestyle. The increase in the number of dwellings points towards an escalating demand for housing, encouraging for both real estate developers and investors.
The suburb’s emphasis on education is visible in the high percentage of residents holding a bachelor’s degree or higher. This focus on education makes it an ideal place for families with children. The employment data further supports this claim, with a majority of residents working full-time.
From an income perspective, Point Cook presents a rosy picture. With 17.4% of residents earning over $2,000 per week, it stands as a prosperous community. The real estate market further bolsters this prosperity. With steady growth in house prices and reasonable rental yields, Point Cook comes across as a promising location for real estate investment.
In essence, Point Cook’s multicultural character, rapid growth, and educational emphasis, combined with a buoyant real estate market, establish it as a coveted Melbourne suburb. Its continuous development promises exciting prospects for the future, making Point Cook an enticing proposition for residents and investors alike.
Point Cook stands as an exemplary model of transformative growth, from a rural pastoral landscape to a thriving suburban habitat. The appeal of its multicultural community, educational focus, and burgeoning real estate market is expected to continue to draw families, professionals, and investors to this vibrant part of Melbourne. Indeed, the story of Point Cook is one of remarkable growth and rich diversity, painting a promising picture of suburban living within Melbourne’s evolving cityscape.
- Point Cook existence.
- Point Cook as of 2021 Sencus vs 2016 Sencus.
- Suburb Profile
- Population Summary (Population, Dwellings)
- Ethnicity
- Education
- Health
- Employment
- Income
When did Point Cook come into existence?
Point Cook was first settled in the 1830s by John M. Cooke, a ship’s mate on board H.M.S. Rattlesnake under Captain William Hobson. The area was named after him. In 1853, the pastoralist Thomas Chirnside added the farmlands of Point Cook to his holdings. He built the famous Point Cook Homestead of twenty-five rooms in 1857. Initially Point Cook was an important segment of the expanding pastoral empire established by Thomas and his brother Andrew. As their extensive land holdings were developed substantial homesteads were later constructed at Werribee Park, Carranballac, Mount Williams and Curnong.
Point Cook was a rural community for many years, but it began to develop rapidly in the late 1990s. The major development of the suburb was driven by the construction of RAAF Base Point Cook, the birthplace of the Royal Australian Air Force. The suburb is also home to many playgrounds and parks/public spaces. The wetlands of the Point Cook Coastal Park form part of the Cheetham and Altona Important Bird Area.
Today, Point Cook is a thriving suburb with a population of over 68,690 (ABS Estimated Resident Population 2022*) people. It is a great place to raise a family, with plenty of schools, parks, and amenities. The suburb is also well-connected to public transport and is close to the beach. If you are looking for a family-friendly suburb with a lot to offer, then Point Cook is a great option.
Population Growth
The population of Point Cook has been growing rapidly since 2001 when the population was 1,737. At the 2016 census, Point Cook’s population was 49,929, and had risen to 60,105 by 2018. Population for 2016 is 49,446 its grown to 66,590 by 2021.
The population of Point Cook is very diverse, with people from all over the world calling the suburb home. According to the 2021 census, the top five ancestries in Point Cook are:
- Indian (17.4%)
- English (16.1%)
- Chinese (14.3%)
- Australian (13.8%)
- Irish (4.1%)
- Other Indian Subcontinent (2.3%)
- Pakistani (1.9%)
- Punjabi (1.3%)
- Tamil (1.2%)
- Sikh (0.6%)
- Anglo-Indian (0.1%)
The suburb also has a significant Aboriginal and Torres Strait Islander population, making up 0.6% of the total population.
One-fourth of the population is made of people from Indian Subcontinent.
Birthplace — ranked by size
Exploring the Vastness of Point Cook: A Comparison with Gardenvale
Introduction
Point Cook, located in the outskirts of Melbourne, stands out as one of the largest suburbs in terms of size. With its extensive land area of 9.3 square kilometres, it boasts a significant expanse that distinguishes it from many other suburbs in the region. To truly grasp the magnitude of Point Cook, let’s draw a comparison with the older and more established suburb of Gardenvale, which spans a mere 0.26 square kilometres. This striking difference sheds light on the substantial scale and growth experienced by Point Cook since its development in the 1970s.
- Point Cook: A Sprawling Suburban Landscape
Point Cook’s remarkable size is immediately apparent when considering its area of 9.3 square kilometres. This vast expanse allows for a diverse range of residential neighbourhoods, commercial spaces, parks, and amenities within the suburb. The landscape of Point Cook is marked by spacious streets, large housing estates, and ample green spaces, offering residents a sense of openness and tranquillity. - Gardenvale: An Established Melbourne Suburb
In contrast, Gardenvale is a well-established suburb within the Melbourne area. With an area of only 0.26 square kilometres, it reflects the characteristics of an older and more tightly knit community. The limited land area of Gardenvale has led to denser housing arrangements, narrower streets, and a more intimate neighbourhood feel. - Comparing Point Cook and Gardenvale
To put the vastness of Point Cook into perspective, we can compare it to the relatively compact size of Gardenvale. Point Cook’s land area is approximately 35 times larger than Gardenvale, highlighting the substantial difference in scale between the two suburbs. While Gardenvale is known for its close-knit community and established character, Point Cook’s expansive nature offers residents a distinct suburban experience with more space, newer developments, and a growing population. - The Development of Point Cook
Point Cook’s emergence as a new suburb in the 1970s marked a significant turning point in the region’s urban growth. As Melbourne expanded, Point Cook underwent substantial development, transforming from predominantly rural land to a thriving residential area. The strategic planning and infrastructure investments in Point Cook have led to its current status as one of Melbourne’s largest and most sought-after suburbs.
Conclusion
The size of Point Cook sets it apart as one of the largest suburbs in Melbourne. With its vast expanse of 9.3 square kilometres, it offers residents a spacious and evolving suburban landscape. In comparison, the older and more established suburb of Gardenvale demonstrates the contrast in scale and character. As Point Cook continues to grow and develop, its size plays a pivotal role in shaping the community, amenities, and overall experience for its residents.
Dwellings
In Point Cook, 63% of households were purchasing or fully owned their home, 30.7% were renting privately, and 0.2% were in social housing in 2021.
Out 63%, 14.5% fully owned the property without mortgage and 48.8 % have mortgage.
When renters are around 30.7%, it’s a good suburb for families to live in.
Dominant groups
In 2021, there were 19,767 separate houses in the area, 2,622 medium density dwellings, and 99 high density dwellings.
Analysis of the types of dwellings in Point Cook in 2021 shows that 87.9% of all dwellings were separate houses; 11.7% were medium density dwellings, and 0.4% were in high density dwellings, compared with 87.6%, 11.5%, and 0.7% in the City of Wyndham respectively.
Emerging groups
The total number of dwellings in Point Cook increased by 10,964 between 2016 and 2021.
The largest changes in the type of dwellings found in Point Cook between 2016 and 2021 were:
- Separate house (+5,454 dwellings)
- High density (+67 dwellings)
Population and Dwellings growth is phenomenal from 2016 to 2021. There is lot of potential for real estate, childcare and other services.
Education
41.1% of people in Point Cook had a Bachelor or Higher degree qualification in 2021
Income
In Point Cook, 17.4% of the population earned an income of $2,000 or more per week in 2021.
Employment
32,489 people living in Point Cook in 2021 were employed, of which 66% worked full-time and 28% part-time.
Median Prices
- Median house prices in Point cook is $755,000
- Past 12 months growth is up by 3.4%
- Rental yield is 3.2% and Unit median price is $490,000
- Past 12 months growth is down by -1.0%
- Rental yield is 3.9%
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