Pakenham, Vic

 

Market Overview

 

Pakenham is located 56km south-east of Melbourne's Central Business District (CBD). Its local government area is Cardinia Shire. Pakenham has become a major growth area in south-eastern Melbourne as new housing developments have boosted its population and infrastructure.

 

 

People

Pakenham’s population is made up of predominantly middle-aged and established families due to the family-friendly lifestyle on offer. There are also some older couples who are either empty-nesting or upgrading to a new home in a semi-rural setting.

 

Lifestyle

Pakenham residents have a range of options when it comes to leisure activities. These include Cardinia Cultural Centre for Theatre, cabaret and comedy shows, golf at the Pakenham and District Golf Club and swimming at Cardinia Life Sports and Aquatic Centre.

 

Homes

New homes dominate Pakenham’s housing stock. Most homes are large and modern with decent gardens, situated primarily on spaciously designed and landscaped housing estates such as Lakeside.

Demand & Demographics

 

Population

The nature and size of the local population, both now and in the future, is a key driver of property demand. Better understanding the local population can assist property buyers to make better decisions.

People



  • Total Population

    34,395

  • Female

    17,894

  • Male

    16,501

  • Median Age

    30

Family Composition



  • Families

    9,256

  • Children per family

    1.9

Occupation



  • Total Employed

    14,976

  • Top Occupation

    Technicians and trades workers

  • Top Occupation % Share

    18.5%

Income $/week



  • Personal

    $603

  • Family

    $1,384

  • Household

    $1,229

 

Family composition



  • Couple without Children

    3,120

  • Couple with Children

    4,328

  • One Parent Family

    1,672

Age



  • Top age group

    0-4

  • Top age number

    3,526

  • Top age group % share

    10.4%

Industry of employment



  • Top Industry

    School education

  • Total Workers (in top industry)

    609

  • Share of Employment

    3.8%

Supply & Dwellings

 

Building approvals - New Houses



  • Total Number

    508

  • Value ('000)

    $106,556

  • % Share

    89%

* These statistics are financial year to date

Building approvals - Other



  • Total Number

    59

  • Value ('000)

    $10,600

  • % Share

    10%

* These statistics are financial year to date

Dwelling Type (number)



  • Detached houses

    10,383

  • Semi-detached houses

    757

  • Flats, units or apartments

    576

Dwelling tenure (number)



  • Owned outright

    2,232

  • Owned with a mortgage

    5,727

  • Rented

    3,375

Sales Market

 

Property Market Indicator


  • Average days on market

    40

 

Prices


More about this Suburb ?

  • 5.77%

    Median Price Annual Change (10 years)

  • 13.92%

    Price Change (1 Year)

  • $347

    Median Rent per week

  • 4.13%

    Gross Rental Yield

  • 3.73%

    Median Price Annual Change (10 years)

  • 7.97%

    Price Change (1 Year)

  • $296

    Median Rent per week

  • 4.79%

    Gross Rental Yield

 

Rental Market

 

Pakenham, Vic Rent

$347 PW

Rental Growth and Yield

Gross Rental Yield
4.13%
Change in Rental Rate (1 Year)
2.91%
Gross Rental Yield
4.79 %
Change in Rental Rate (1 Year)
3.70 %
Data Disclaimers

Infrastructure, Jobs & Planning

 

Location & Convenience


Distance to

 

Pakenham Structure Plan 2015

The Pakenham Structure Plan provides an outline of the development of the Pakenham Activity Centre over the next 20 years.

 

Cranbourne Pakenham Rail Upgrade

The Cranbourne Pakenham Trainline will undergo an upgrade that aims to ease congestion and reduce travel times for residents living in Melbourne's south-east corridor.

 

 

Roads & Public transport

 

 

Bus

840 - Gembrook - Pakenham via Pakenham Upper
925 - Pakenham Station - Lakeside via The Avenue
926 - Pakenham Station - Fountain Gate Shopping Centre via Lakeside, Beaconsfield
927 - Pakenham Station - Pakenham North via Meadowvale
928 - Pakenham Station - Cardinia Road Station
929 - Pakenham Station - Pakenham North via Army Rd, Windermere Bvd

 

Tram

 

Train

Pakenham Railway Station
Cardinia Road Railway Station

 

Roads

Princes Freeway

Victorian data sourced from Public Transport Victoria (PTV) and VicRoads
Queensland data sourced from Queensland Government and TransLink

 

Employment Centres

 

The planned Pakenham Activity Centre will be a prosperous and sustainable activity centre accommodating high quality new development, providing local employment and a diverse range of retail, commercial and residential options.

Plan Melbourne, the metropolitan planning strategy, establishes five new sub-regions to achieve a better balance between jobs and population growth across the city. Pakenham is located in Melbourne's southern sub-region.

Places of state significance in the southern sub-region with significant implications for employment include:

National employment cluster – Dandenong South
Metropolitan activity centres – Dandenong, Frankston, Fountain Gate/Narre Warren
State-significant industrial precincts – Southern, Port of Hastings and identified future industrial precinct
Transport gateways – Port of Hastings, Moorabbin Airport
Health and/or education precincts – Frankston Hospital and Monash University (Frankston), Casey Hospital and Monash University (Berwick), Dandenong Hospital, Monash University (Caulfield).

Source: Australian Bureau of Statistics (ABS) 2011.