Cardinia ShireEconomic profile
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Cardinia Shire

Housing valuation

At June 2018, Cardinia Shire had a median house valuation of $552,385, $117,676 lower than the median house valuation for Victoria.

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 2014-2018, Housing Valuation System

Housing values
Cardinia Shire20182015Change
Housing value (at June)Cardinia ShireVictoriaCardinia Shire relative to VictoriaCardinia ShireVictoriaCardinia Shire relative to Victoria2015 to 2018
House--------------
First Quartile$478,665$461,586+3.7%$335,309$347,133-3.4%+$143,356
Median$552,385$670,061-17.6%$388,701$474,887-18.1%+$163,684
Third Quartile$704,065$1,001,613-29.7%$518,633$738,194-29.7%+$185,432
Unit--------------
First Quartile$373,469$412,486-9.5%$257,589$322,375-20.1%+$115,880
Median$396,469$526,184-24.7%$268,934$438,867-38.7%+$127,535
Third Quartile$426,325$662,536-35.7%$291,966$568,049-48.6%+$134,359

Source: Hometrack 2015-2018, Housing Valuation System.

Housing values, 2018
Housing values, 2018 Third Quartile, Victoria: $662,536 Median, Victoria: $526,184 First Quartile, Victoria: $412,486 Third Quartile, Victoria: $1,001,613 Median, Victoria: $670,061 First Quartile, Victoria: $461,586 Third Quartile, Cardinia Shire: $426,325 Median, Cardinia Shire: $396,469 First Quartile, Cardinia Shire: $373,469 Third Quartile, Cardinia Shire: $704,065 Median, Cardinia Shire: $552,385 First Quartile, Cardinia Shire: $478,665
Source: Hometrack 2015-2018, Housing Valuation System
Change in housing values, 2015 to 2018
Change in housing values, 2015 to 2018 Third Quartile, Victoria: $94,487 Median, Victoria: $87,317 First Quartile, Victoria: $90,111 Third Quartile, Victoria: $263,419 Median, Victoria: $195,174 First Quartile, Victoria: $114,453 Third Quartile, Cardinia Shire: $134,359 Median, Cardinia Shire: $127,535 First Quartile, Cardinia Shire: $115,880 Third Quartile, Cardinia Shire: $185,432 Median, Cardinia Shire: $163,684 First Quartile, Cardinia Shire: $143,356
Source: Hometrack 2015-2018, Housing Valuation System

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