Cranbourne vs Spring Gully

The median house price is $720K in Cranbourne and $715K in Spring Gully, so Spring Gully is the cheaper entry point, with Cranbourne houses about 1% dearer.

On cash flow, Spring Gully leads: houses there return a gross rental yield of 4.15%, compared with 3.97% in Cranbourne, a gap of 0.18 percentage points.

Over the past year house prices moved +6.4% in Cranbourne and +8.1% in Spring Gully, so recent momentum favours Spring Gully, although both suburbs recorded growth.

Looking back three years, Cranbourne houses are +9.9% and Spring Gully houses -3.4%, so Cranbourne has compounded faster than Spring Gully over the longer window.

Rental vacancy is 1.6% in Spring Gully and 1.9% in Cranbourne, so landlords in Spring Gully face less competition for tenants. Anything under 2% is generally read as a tight market where tenants compete for homes.

Cranbourne is the bigger suburb, with a population of 21,281 against 3,092, roughly 7 times the size of Spring Gully; a larger suburb usually means a deeper pool of buyers and tenants.

In short: Spring Gully for rental income, Spring Gully for a lower purchase price, Spring Gully for recent price momentum, Spring Gully for the tighter rental market. Which matters more depends on whether the investor is buying for cash flow, capital growth or affordability.