Cranbourne tops Victorian bankruptcies in last financial year

The Insolvency and Trustee Service Australia has released a postcode-based insolvency report, revealing that Cranbourne recorded the highest number of bankruptcies in Victoria in the last financial year.  

According to the report, 108 Cranbourne residents were declared bankrupt in 2011-2012, up by 10.2% from the previous financial year, where 98 residents were declared bankrupt.  

An additional 51 Cranbourne residents entered into a debt agreement to repay over an agreed period, up from 42 residents in the previous financial year.  

The median sale price for houses in Cranbourne currently stands at $310,000, down by 4.6% on last year. The average discount required to sell a house in Cranbourne is 7.6%, while private treaty sales average 75 days on market, according to the latest RP Data report.  

The median asking rent for houses in Cranbourne is $300 a week, while rental yield averages at 5.0%.  

The median sale price for units in Cranbourne is $240,000, down by 5.9% on last year. The average discount required to sell a unit in Cranbourne is 10.8%, while units spend an average of 138 days on the market.  

The median asking rent for units in Cranbourne is $258 a week, and the average rental yield is 5.6%.  

Located 43km southwest of the Melbourne CBD, Cranbourne has a population of 67,424.  

Australian Bureau of Statistics (ABS) data shows the median age of Cranbourne residents is 32 years. Children under 15 years of age made up 23.7% of the population, indicating Cranbourne is home to a number of young families.  

According to the 2011 Census, the median weekly income of residents in Cranbourne is $1297, while the median monthly home loan repayment is $1777.  

Of occupied dwellings in Cranbourne, 19.8% were owned outright, 56.1% were owned with a mortgage, and 20.7% were rented.  

51% of occupied private dwellings in the Cranbourne area have three bedrooms, while 37.9% of dwellings have four bedrooms or more. 0.1% of dwellings have one bedroom, and two-bedroom dwellings make up 8.5% of the total number of occupied dwellings.  

The 2011 Census also showed that the most common occupations in the Cranbourne area include technicians and trades workers (17.8%), clerical and administrative workers (16%), labourers (12.1%), machinery operators and drivers (11.6%), and professionals (11.4%).

Properties that have recently been sold in Cranbourne include:  

26 Clairmont Avenue, sold on 28 February this year for $282,000 by Ray White Cranbourne. The three-bedroom house previously sold for $195,000 in 2006 according to RP Data records.  

2 Galway Place, sold in January this year for $392,500. The four-bedroom house (pictured below) was listed in October last year for $399,000 for 87 days, and in August 2011 for $400,000-$429,000 for 196 days according to RP Data records.

3 Harry Street, sold on 22 November last year for $293,000. The three-bedroom house previously sold for $285,000 in 2010 according to RP Data records.  

15 Jaye Place, sold November last year for $325,600. The three-bedroom house previously sold for $295,000 in 2009 according to RP Data records.  

65 Fairhaven Boulevard, sold October last year for $347,000. The three-bedroom house (pictured below) was listed in September last year for $349,000 for 34 days, and in 2007 for $279,950 for 15 days according to RP Data records.

53 Jacinta Drive, sold October last year for $300,000. The three-bedroom house was listed in July last year for $304,950 for 128 days, and in 2010 for the same price, according to RP Data records.