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Casey City, VIC

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The City of Casey is a local government area in the outer south-eastern suburbs of Melbourne, Victoria. It is the biggest and most progressive municipality in Victoria and is divided into five geographic regions which start from the hills of the Dandenong River, stretching all the way to the coastal area of Western Port Bay. Most of the urbanization is concentrated towards the northern part of the city.

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Named after the 16th Governor-General of Australia, Lord Casey, the municipality came into existence as a result of the merger between some parts of the City of Berwick, Shire of Cranbourne and the City of Knox. A big part of the economy of the city comes from industry, mainly agriculture and building construction which in turn offers excellent employment opportunities; ensuring capital growth and an ever-increasing demand for residential property.

Being the most populous city in Victoria, Casey City has a thriving real estate market with a big demand for houses to both own and rent as well as a somewhat smaller demand for units.

Technicians and trades workers make up 16.3 % of the workforce in Casey, followed by professionals at 15.0 %, clerical and administrative workers at 14.6 %, labourers at 11.3 %, and community and personal service workers at 10.9 %. In Casey, the typical weekly personal income for residents aged 15 and over is $640.

In Casey, 89.5 % of occupied private homes are detached houses, 9.0 % are semi-detached, row or terrace houses, townhouses, or other dwellings, 1.0 % are flats or apartments, and 0.3 % are other housing.

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Suburb Heatmap Analysis

Property Market Snapshot

This page provides an overview of the LGA real estate market. The data in this snapshot illustrates typical price, median rent and gross yield metrics for this council area. You are able to drill down to suburb-level data and charts which visualise these 3 key metrics as well as other important indicators in the dashboard section that follows.

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Fundamentals
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How was this calculated? Typical Price is a continuous metric calculated via a process called data fitting. Median Rent is weekly advertised rent based on rentals over the preceding 12 months. Gross Yield is Median Rent x 52 x 100 / Typical Price. To discover additional information, click the “i” icon in the top left corner of each graph or visit the Data Dictionary page.

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Property Market in Casey City, VIC

What other property markets are there near Casey City, VIC?

Casey City is surrounded by 5 other council areas – Cardinia, Mornington Peninsula, Frankston, Knox, Yarra Ranges.

How many people live in Casey City, VIC?

There are approximately 299000 people living in roughly 102000 dwellings in total, with an average household size of 3.1.

What are current and planned infrastructure projects in Casey City, VIC?

Notable infrastructure projects include Monash Freeway Stage 2 upgrade (including upgrade to O’Shea Road), Hall Road and Western Port Highway Upgrade, Narre Warren North Road, Hallam North and Heatherton Road Upgrade, Narre Warren – Cranbourne Road Upgrade.

What major retailers are there in Casey City, VIC?

The main retail centres are Casey Central, The Avenue Village Shopping Centre, Katies Casey, Kmart Casey, Cranbourne Park Shopping Centre, Westfield Fountain Gate, Katies.

What is the main industry in Casey City, VIC?

Such sectors as Electricity, Gas, Water and Waste Service, Construction, Wholesale trade make up the largest part of the employment.

What are the dominant demographic groups in Casey City, VIC?

Among approximately 299000 people in Casey City males and females make roughly 50% and % of each group. The median age of people is 34 years. Children aged 0-14 years account for approximately 23% of the population, and those aged 65+ years account for 10%.

How is unemployment rate trending in Casey City, VIC?

Among approximately 149000 people employed, roughly 59% work full-time, 29% work part-time, and an estimated 7% are unemployed.

1 thought on “Casey City, VIC”

  1. What are Casey City most in-demand properties?

    Compared to national average, there is a bigger buy demand for houses in Casey City as compared to units, however there is a strong price growth in the rental sector of both houses and units. The the rental yield for houses is less than units by (4.09%-3.42%) = 0.67%.

    The demand profile above presented by HtAG shows that 4-bedroom houses garnered the highest demand in Casey City in 2019-2020, closely followed by 3-bedroom houses. 2 and 1 bedroom dwellings have little to no demand in the housing market.

    How do Casey City houses & units compare to neighbouring LGAs?

    According to HtAG property market data, the median house price in Casey City is around A$620,000 with a -60k to + 320K variance compared to the neighboring LGAs:

    Mornington Peninsula Shire: A$943,000
    Greater Dandenong City: A$779,000
    Yarra Ranges Shire: A$769,000
    Frankston City: A$725,000
    Cardinia Shire: A$563,000

    The first quarter of the year 2020 brought some moderate changes to the housing prices in Casey City where they fell by -0.95% compared to the previous year as shown on the heat map. In comparison 2 of the remaining 5 neighboring LGAs exhibited positive growth:

    Yarra Ranges Shire: 2.31%
    Greater Dandenong City: 0.15%
    Frankston City: -0.53%
    Cardinia Shire: -2.47%
    Mornington Peninsula Shire: -3.10%

    There is a rather small market for units in Casey City as compared to houses with the units priced at a median value of A$450,000. Neighboring LGA prices vary in the range from -60K to +95K with the median price for units reported as:

    Mornington Peninsula Shire: A$545,000
    Yarra Ranges Shire: A$535,000
    Greater Dandenong City: A$413,000
    Frankston City: A$400,000
    Cardinia Shire: A$388,000

    However, as opposed to the houses, unit prices in Casey City have seen positive growth in the first quarter of the year with 3.38% increase. Similarly, 3 out of 5 neighboring LGAs showed a comparable increase in the median price. That is to say, there is also a decrease in the median price for units in the remaining 2 LGAs:

    Mornington Peninsula Shire: 3.97%
    Greater Dandenong City: 0.89%
    Frankston City: 0.65%
    Cardinia Shire: -0.17%
    Yarra Ranges Shire: -0.83%

    Property Market Outlook for Casey City Houses

    HtAG property market data for Casey City shows that sales volume for houses have been steadily increasing up until 2018 where they had a sudden drop. There is an early sign of recovery in terms of sales volumes with 40 sales recorded in Q4 2019, which is almost double of sales volume in previous quarter. Rental volumes have been continuously increasing up until the current quarter (2020 Q1).

    Median house prices became stable reaching the value of A$630k at their 2018 peak and have not changed since. HtAG forecasts show that this trend is expected to follow well into the first quarter of 2022 where prices will maintain their current levels.

    As opposed to that, median prices for rentals have exhibited continuous growth from A$310 in 2009 to A$410 in 2020 and HtAG forecasts that this median value is expected to reach A$440 in 2022.

    The market cycle graph for this LGA shows a considerable fluctuation in the median price change where it only grew by 1% in 2012. However, price growth started to increase gradually after that, reaching the highest yearly change of 12% in 2017, only to begin slowing again in the following years crossing the red line in 2019 with a negative yearly change of -0.95% at the beginning of 2020.

    According to the HtAG forecast, median prices for this LGA are expected to decline marginally. The property cycle for this LGA will likely reach its’ trough in year 2020.

    Suburb Capital Growth and Price Heatmaps for Houses in Casey City

    The heatmap above represents median price growth in this LGA on an annual basis. The red areas show the percentage decrease below 2% with the lowest prices recorded in Doveton Houses (A$493,000) at -3.23%. The color yellow and the spectrum of green shades show the percentage increase ranging from 2%-6% with the highest recorded percentage in Narre Warren North Houses at 6.30%.

    The scatter plot above shows all the individual sales over the past years and their concentration in the LGA. Berwick, Narre Warren, Narre Warren South & North are the high end suburbs where most of the sales in the 800K-1M sales occurred. There is a pocket of higher than average prices in the suburb of Botanic Ridge. In contrast to that Cranbourne, Cranbourne , Cranbourne West &East, Linbrook, Doveton are the lower end suburbs with prices in the 300K to 500K range.

    Property Market Outlook for Casey City Units

    Median price for units in Casey City is comparatively lower than the median price for houses, as can be seen in the graph above. For example, units had a median price of A$450k in the first quarter of 2020 whereas houses had a median price of A$630k during the same period. There is a similar trend observed in the rental prices for units and houses with the median rent reported at A$350 for units and A$410 for houses.

    According to market forecasts by HtAG, median price and median rent is going to increase gradually in the coming years. Median price is expected to reach A$490K by 2020 while median rent is expected to reach A$380 by the same year. This shows that investors can benefit more from investing in units as compared to houses in some scenarios.

    Market cycle graph for Casey City above shows yearly median price change starting from 2008. In 2010, the median price change was 8.93% however, it slowed over the next couple of years and in 2013, it only grew by 0.23%. The price started to increase in the following years and 2017 witnessed the highest yearly change of 12.19%. The growth slowed again over the next two years but it has increased from 2.48% in 2019 to 3.38% in the first quarter of 2020.

    The dark orange line on the graph shows a forecast of the median price change which bodes well for unit prices in the coming year with an estimated 4.97% increase as opposed to -0.64% median price decrease for houses. Based on the 2020 Q1 data, the Casey City property market for units has reached its’ trough in year 2019.

    Suburb Capital Growth & Price Variance Heatmaps for Units in Casey City

    The area heatmap above shows the annual median price growth for units in Casey City in 2020. Out of 7 highlighted suburb, only Berwick Units have shown negative growth with median price change noted at -0.99%. Cranbourne Units have the highest percentage of growth at 6.81%.

    As can be seen from the scatter plot, there are lot fewer unit sales in this LGA compared to houses. Majority of sales are concentrated in the suburbs of Narre Warren, Hallam, Berwick. Berwick units have the highest sale prices in the 400K to 600K range. Sales in the other suburbs fall in the lower range of 280K to 400K.

    Conclusion

    Casey City enjoys a rather favorable position in the state of Victoria because of its stable housing market, posing excellent opportunities to invest in property in this LGA. Being a city focused on industry gives it a higher edge than some other cities, in terms of employment opportunities, where property prices in general have started to take a downturn. The rent as well as sale prices in Casey City are affordable, making it one of the best LGAs to invest in the state of Victoria.

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