City of CaseyEconomic profile
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City of Casey

Housing valuation

At June 2016, the City of Casey had a median house valuation of $462,578, $187,562 lower than the median house valuation for Greater Melbourne.

Housing valuation and rental data are a measure of the economic desirability of living in the local area. High housing prices usually indicate access to high-paid jobs and a very desirable area. However they can present issues in attracting and retaining key lower skilled workers. Lower housing prices indicate less demand and may be an asset for attracting people to live in the area. However they can also indicate lower paid and lower skilled jobs or a declining economy.

Housing prices often factor in a home ownership premium due to expected capital growth and the ability to customise the property, but rental costs are a more direct measure of the immediate economic value of living in the area. Increases in rents often have a more direct relationship to employment and demand for housing.

Hometrack 2011-2016, Housing Valuation System

Housing values
City of Casey20162013Change
Housing value (at June)City of CaseyGreater MelbourneCity of Casey relative to Greater MelbourneCity of CaseyGreater MelbourneCity of Casey relative to Greater Melbourne2013 to 2016
House--------------
First Quartile$390,027$466,163-16.3%$327,752$381,114-14.0%+$62,275
Median$462,578$650,140-28.8%$374,801$498,619-24.8%+$87,777
Third Quartile$554,261$977,536-43.3%$444,896$694,174-35.9%+$109,365
Unit--------------
First Quartile$294,236$384,096-23.4%$265,126$327,062-18.9%+$29,110
Median$333,369$490,558-32.0%$290,930$410,461-29.1%+$42,439
Third Quartile$397,102$612,545-35.2%$324,110$511,663-36.7%+$72,992

Source: Hometrack 2011-2016, Housing Valuation System.

Housing values, 2016
Housing values, 2016 Third Quartile, Greater Melbourne: $612,545 Median, Greater Melbourne: $490,558 First Quartile, Greater Melbourne: $384,096 Third Quartile, Greater Melbourne: $977,536 Median, Greater Melbourne: $650,140 First Quartile, Greater Melbourne: $466,163 Third Quartile, City of Casey: $397,102 Median, City of Casey: $333,369 First Quartile, City of Casey: $294,236 Third Quartile, City of Casey: $554,261 Median, City of Casey: $462,578 First Quartile, City of Casey: $390,027
Source: Hometrack 2011-2016, Housing Valuation System
Change in housing values, 2013 to 2016
Change in housing values, 2013 to 2016 Third Quartile, Greater Melbourne: $100,882 Median, Greater Melbourne: $80,097 First Quartile, Greater Melbourne: $57,034 Third Quartile, Greater Melbourne: $283,362 Median, Greater Melbourne: $151,521 First Quartile, Greater Melbourne: $85,049 Third Quartile, City of Casey: $72,992 Median, City of Casey: $42,439 First Quartile, City of Casey: $29,110 Third Quartile, City of Casey: $109,365 Median, City of Casey: $87,777 First Quartile, City of Casey: $62,275
Source: Hometrack 2011-2016, Housing Valuation System

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