Current Cranny Opinion?

Hi Everyone, this is my first post as I just discovered this great forum the other day!

My PPOR is in Cranbourne, I'm currently saving money towards my first IP and wonder whether it would be a good idea to purchase in cranbourne, or whether I should look further afield.

I know traditionally Cranbourne has quite a bad reputation as a suburb full of bogans and white trash, but as a kiwi who had no preconceptions before buying a property there (mainly due to cost and I loved the house I found) I find cranbourne quite a nice place to live.

What is the current consensus on Cranbourne now? I have seen quite a lot of FHB action in the area with many houses being snapped up very quickly. At least 2 houses in my immediate area were snapped up within a week of being listed!

Domain shows that it has around an 11% long term growth which seems to be a decent figure. (http://www.domain.com.au/public/SuburbProfile.aspx?searchTerm=Cranbourne&mode=research) Is the Domain.com suburb profile a reliable tool?

The kind of IP i'm looking for is this. Something that needs a bit of TLC. Ideally I would like to spend under 250k.

If Cranbourne isn't the right area, are you able to recommend a better suburb that would have similar properties available as the one above?
 
My friend lives in Hampton Park and has an IP in Cranny - gets quite a good rental return from it (compared to an inner suburb apartment at the same purchase price).

I often say that I think there is nothing inherently wrong with getting an IP in an area you are intimately familiar with - as you know the "bad streets" from the "good streets".

Plus there is a decent shopping centre, freeway's up the road and there is a station there.

Cheers,

The Y-man

ps. I thought it was methane and not bogans that were the latest worry!
 
Many experts will tell you that you should avoid places like Cranbourne, although my research has shown that outer suburbs have performed well or better than many inner suburbs - http://www.somersoft.com/forums/showthread.php?p=570310

I spent several years growing up in Cranny.

The Methane gas stuff is in an estate out past Cranbourne West. Something to consider, but somewhat irrelevant to the rest of Cranbourne especially walking distance to the shopping centre.

11% growth long term is pretty good in my books, and I would say the figures from APM (Domain's source) are reliable.

That same websites shows the long term growth for houses in these 'prime' areas:
South Yarra 8.3%
Prahran 9.1%
Armadale 10.1%
Hawthorn 10.2%

All worse than Cranny.
 
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