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LGA · Victoria

Cardinia Shire

Cardinia Shire is a Local Government Area in South-East Melbourne, Victoria, about 60km from the CBD and anchored by the Pakenham and Officer growth corridor.
South-East Melbourne Population to ~204k by 2051 House yield 4.2 to 4.3% (corridor) Last updated: 28 Aug 2026 · Data refresh
Report period: September to December 2026. Hotspotting Location Report, valid to 31 December 2026. A new report is due in January 2027.

Overview

The big-picture read on Cardinia Shire as an investment market.

Cardinia Shire is a major outer south-east Melbourne growth corridor, about 60km from the CBD. It blends fast-growing urban fronts (Pakenham, Officer, Beaconsfield) with rural and green-wedge land further out. The economy spans agriculture, retail, construction and a growing logistics base, and the population is forecast to reach 203,880 by 2051, up 84,307 from 2021.

The headline appeal is depth and momentum. The Shire recorded 2,342 house sales in the year to August 2026, with Pakenham (1,038) and Officer (555) accounting for about two-thirds of them. Cotality's March-quarter 2026 data showed 98.7% of resales at a nominal profit, with a median profit of $240,800. Vacancy is under the 3% balanced-market mark in every tracked suburb (0.0% to 2.4%), and house yields run from 3.5% to 4.3%, with the Pakenham and Officer corridor at 4.2 to 4.3%.

The trade-off is supply. Cardinia carries a greenfield release profile: the Pakenham East Precinct Structure Plan provides for more than 7,200 homes across 630ha, and FY2026 approvals were 1,160 houses and 136 other dwellings, 1,296 in total (ABS), against 1,981 in FY2018-19. New estate stock and established stock sit in different price and rent bands, so pocket-level data matters more than the LGA average.

Snapshot: 2,342 house sales in 12 months, 98.7% of Q1 2026 resales at a nominal profit, vacancy 0.0% to 2.4%, house yields 3.5% to 4.3%, and 7,200-plus planned homes in Pakenham East alone.

Key numbers

Population, economy, and property market headlines.

Population & market depth
Suburbs tracked12
Annual house sales2,342
Projected 2051~204K
ABS estimate (Jun 2025)133,472
Distance to CBD~60km
Economy
GRP (2025)$7.08B
Approvals FY26 (ABS)1,296 dwellings
Unemployment (Mar 26)4.1%
Owned (Census)73.5%
Property market
Median house$716K to $1.02M
House yield3.5% to 4.3%
Vacancy0.0% to 2.4%
Price predictorSolid (Winter 26)

Ranges are suburb-dependent. Pakenham ($715.5K) and Officer ($755K) sit at the lower end of the house price band with 4.2 to 4.3% yields; Beaconsfield ($1.02M) and Emerald ($977.5K) sit at the top with 3.5% yields. Weekly median asking rents run from $500 (Pakenham units) to $780 (Beaconsfield Upper houses).

Headline infrastructure

Projects with dollar values surfaced from the Hotspotting Location Report (September to December 2026) and council capital works.

$415.7M
Complete · final project July 2026
Pakenham Roads Upgrade package
Interchange, McGregor Road and Racecourse Road works across the Pakenham corridor. The final project (Racecourse Road) was announced complete in July 2026.
$175M
Under construction
Enterprise Industry Park, Pakenham
A 70,000sq m prime industrial estate (ESR and Mitsubishi Estate Asia). First stage, a 12,600sq m building pre-leased to a textile manufacturer, started mid-2025.
$100M
Under construction
Cardinia Logistics Estate, Pakenham
More than 185,000sq m of logistics space across two Greenhills Road sites (Brookfield Properties), approved November 2024.

Also in the pipeline: the Pakenham Community Hospital (under construction since May 2025, due late 2026), the Metro Tunnel (opened November 2025, lifting peak capacity on the Cranbourne and Pakenham lines by 45%), the Monash Freeway upgrade ($1.4B, complete), the Gippsland Line upgrade (finished August 2025), the completed Beaconsfield level crossing removal (January 2025), and Pakenham Revitalisation (Stage 1 Gateway completed mid-2026, Stage 2 Drake Place under construction). Council has allocated about $228M in capital works across 2025 to 2029, including $66.3M in the FY2027 budget.

Residential and other projects: Averley (Stockland, Pakenham East, $1B, 1,500 homes, under construction), Kala (Nar Nar Goon, $425M, 500 homes, under construction), Starling (Officer, 279 residences, launched May 2025), Olio (Officer, townhouses with affordable homes, under construction) and the Cardinia Creek South Part 2 precinct (104ha, among the first State greenfield plans). Not yet delivered: the Cardinia Motor Complex ($200M, approved, unfunded), a Cardinia Life first-stage redevelopment ($60M proposed, $20M committed by council, matching State and Federal funding sought), the Cardinia Reservoir upgrade (works expected from 2027), and two battery storage proposals at Bunyip North (400MW and 375MW).

Suburbs to know

House markets by 12-month sales volume (year to August 2026), with growth and rental data.

Suburb12-mo salesMedian (house)1yr5yr avg p.a.YieldVacancy
Pakenham
1,038
$715.5K +8% +5% 4.2% 1.5%
Officer
555
$755K +4% +5% 4.3% 1.7%
Beaconsfield
105
$1.02M +6% +5% 3.5% 0.7%
Emerald
91
$977.5K +3% +4% 3.5% 0.0%
Cockatoo
69
$850K +8% +5% 4.1% 2.3%
Koo Wee Rup
68
$750K +10% +4% 4.3% 0.7%
Lang Lang
66
$755K +8% +4% 4.3% 0.0%
Bunyip
55
$887.5K +3% +9% 3.9% 0.0%

Vacancy ≤3% (healthy) · 3 to 4% (watch) · >4% (caution) · volume bar scaled to highest-volume suburb in LGA. Pakenham ($715.5K) and Officer ($755K) are the lowest-median, highest-volume markets; Beaconsfield ($1.02M) has the highest median.

Cross-check, Pakenham (our own HtAG report). Typical price $774,000 (+5.8% over 12 months), rent $542 a week (+2.8%), gross yield 3.64%, 5-year growth 4.64% a year. The location report shows a house median of $715.5K (+8% 1yr) at a 4.2% yield. HtAG states a typical price and the location report a median sale price, so the two measures will not match. ABS: estimated resident population 133,472 (June 2025), 1,296 dwelling approvals in FY2025-26.

Units: the Shire recorded 212 unit sales, with Pakenham the only significant market (143 sales, median $560K, +9% 1yr, +6% 5yr avg, yield 4.7%, vacancy 1.0%, weekly asking rent $500, +4%). Other rental readings: Beaconsfield Upper houses had 2.4% vacancy and a $780 median asking rent (-24% over 12 months); Garfield 2.0% and $633 (+15%); Gembrook 1.7% and $740 (+9%); Officer South 1.3% and $640 (-2%). Garfield and Nar Nar Goon (houses) and Beaconsfield (units) showed rising transaction levels in Hotspotting's Winter 2026 Price Predictor Index.

Who lives here

Household composition across Cardinia Shire (Census). A family-skewed, owner-occupier market.

Couple & children38.3%
Couples, no children24.1%
Lone person18.5%
One parent family11.7%
Other household5.2%
Group household2.1%
Tenure (ABS 2021 Census, share of all dwellings): 23.4% owned outright, 50.1% owned with a mortgage (73.5% in total) and 23.0% rented. The dominant household type is couples with children, which underpins steady family-rental demand in the corridor suburbs.

Risks to be aware of

Considerations flagged in the Hotspotting Location Report.

This is StratMap's current assessment based on available market data. Market conditions change, and this view is reviewed quarterly.

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