OFFICER

1

SUBURBPROFILE

The suburb is located in the rapidly growing Cardinia Shire which is undergoing significant growth underpinned by major infrastructure investment.

POPULATION PROJECTIONS – CARDINIA SHIRE 2016 - 2031

OV E RVIE W The suburb of Officer is located

160,000

approximately 50 kilometres from Melbourne’s Central Business District. Officer is situated in the south-eastern growth corridor identified by the Victorian State

140,000 120,000 100,000

Government as one of the key population and employment expansion centres in the state. The suburb is located in the rapidly growing Cardinia Shire which is undergoing significant growth underpinned by major infrastructure investment.

G ROWT H A R EA Cardinia Shire is Victoria’s second

80,000 60,000 40,000 20,000 0 2016

2021

area between 2016 and 2031.

Government to ensure a worldclass community which will

fastest growing municipality. The

Officer is currently on the cusp

latest population projections

of a major growth phase, it is

for the Cardinia Shire reflect

anticipated that over the next

rapid growth with more than

20 years, Officer will have grown

43,400 new residents moving

to include 11,000 new dwellings,

into the Shire to 2031. Based

a population of around 30,000

on these population projections

people and 6,500 new jobs.

there is likely to be an estimated

Growth throughout Officer is

underlying demand for more than

governed by a number of planning

14,400 new dwellings within the

strategies by the Victorian State

2014

2031

Source: Resolution Research - Victorian Estimated Population – December 2014

fastest and Australia’s fourth

DECEMBER

2026

develop over time.

11,000 NEW HOMES

SUBURBPROFILE

OFFICER

The Town Centre will be an integrated retail and shopping precinct which will also include a cinema and library together with a range of public spaces and recreational areas.

30,000 NEW RESIDENTS

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major arterials and with the large

family incomes which were at a

employment nodes throughout

significant premium to the state

the south-eastern growth corridor.

medians. Commensurate with this

The Government has also made

income profile is a large proportion

provision for the delivery of eight

(30%) of the working population

new government schools and three

employed in a professional/

district sports reserves.

managerial capacity. Technicians and trade workers accounted for the second highest occupation with 19% of the working population employed in these fields.

A pivotal part of the community’s development is the masterplan for the Officer Town Centre which has already seen construction complete on the new, recently opened Civic Centre which is home

Rates of home ownership in the

POPULAR FAMILY AREA

area are high, with 27% of the population owning their homes outright and 56% occupying their

to the Cardinia Shire’s Council

homes under mortgage tenure.

offices. On completion the Town

Rental demand is strong with 16%

Centre will be an integrated retail

D EM O G R A PH I C S

and shopping precinct which will

Officer is a popular location for

also include a cinema and library

families with young children who,

T R A N S PO RT

together with a range of public

at the time of the 2011 Census

The Pakenham railway line runs

spaces and recreational areas.

accounted for almost 60% of the

through the suburb stopping at

area’s population. A further 23% of

Officer Train Station. Travel time

Further planning initiatives by

the population were comprised of

to the CBD is around one hour.

the Victorian State Government

couples with no children at home.

A number of bus routes service

will see the delivery of a range of

In line with this, is a dwelling

the area connecting it with major

new roads providing a high level

landscape which is dominated

retail centres, transit stations

of connectivity with the existing

by detached housing to meet

and facilities within neighbouring

the needs of the resident profile.

Pakenham.

of all homes occupied by renters.

Demand is primarily for three bedrooms or larger homes which

The new $2.5 billion Cranbourne-

accounted for more than 88% of all

Pakenham rail corridor was

dwellings.

announced by the Victorian Government in early 2014. The

6,500 NEW JOBS DECEMBER

2014

At the time of the Census,

project will cater to the strong

residents of the area were typically

growth occurring in the south-

high income earners, recording

eastern corridor. The project will

median personal, household and

include 25 new high-capacity trains

SUBURBPROFILE

OFFICER

The population of Officer has access to a variety of parks, reserves and recreational facilities all which provide the community with a high quality of life.

and secondary schools.

HIGH CONNECTVITY TO MELBOURNE CBD + WORK NODES

which will carry more passengers

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than a 30 minute drive from Officer and is one of Melbourne’s most

Monash University’s Berwick

significant and popular recreational

Campus is located around 20

destinations.

minutes from Officer. The Berwick Campus is one of Australia’s

The Park is a unique open space

newest universities which

containing an environmental

offers a wide variety of courses

centre, a rainforest, a number of

including business and economics,

walking trails, playgrounds and

education, medicine and nursing.

BBQ facilities. Furthermore, the

The Chisholm Institute of TAFE

Park contains the largest working

also has a Campus in Berwick.

railway model in the Southern

The Institute provides industry

Hemisphere. There are also a

respected courses across more

number of water activities in the

than 85 further education and

park including paddle boating,

tertiary courses ranging from short

fishing and a children’s wading

courses to Bachelor Degrees.

pool.

more efficiently, with higher frequency. Construction is due to commence in 2015.

EDUC ATION Commensurate with the large numbers of families in the area,

DIVERSE RECREATIONAL CHOICES

is a wide array of pre-schools and kindergartens operating Neighbouring Pakenham contains

neighbouring suburbs. A diverse

R EC R E AT I O N A L AM EN I T Y

selection of educational institutions

The population of Officer has

Golf Club which is one of South-

are located within Officer and

access to a variety of parks,

East Melbourne’s largest golf

its immediate surrounds. St

reserves and recreational facilities

courses. The course is a popular

Brigid’s Catholic School, Berwick

all which provide the community

sporting destination for the local

Grammar School, Maranatha

with a high quality of life. Major

community hosting corporate golf

Christian School, Heritage College

open spaces include the Officer

days, coaching and tournaments

and Officer Primary School are

Recreation Reserve, GWS

for all ages.

all located within the suburb.

Anderson Scout Park and the

Neighbouring Pakenham is home

Beaconsfield Reservoir.

The bulk of the area’s sporting

to around 15 additional primary

Emerald Lake Park is located less

clubs and facilities are located

throughout the suburb and

DECEMBER

2014

the 18 hole Pakenham & District

SUBURBPROFILE

OFFICER

An analysis of market activity since the release of land in the area for development reveals that underlying demand has been particularly strong.

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within neighbouring Pakenham

Pakenham Central Marketplace

services including an emergency

including Cardinia Life which is

is home to Woolworths, Big W

department, general medical

the premier indoor health and

and Dick Smith and more than 40

and rehabilitation, surgical and

recreational facility in the Cardinia

additional retailers.

ambulatory. The Hospital provides

Shire. The venue consists of eight

health access to 1.3 million

sports courts, a 25 metre pool,

Twenty minutes’ drive from Officer

residents of 24% of Victoria’s

12 metre pool and toddler play

in Nanne Warren is the second

population. The Hospital also

pools, a gymnasium and health and

largest shopping centre in Australia

has one of the busiest maternity

fitness rooms.

– Westfield Fountain Gate. The

wards in Victoria due to the large

Centre contains a huge selection of

volumes of young families moving

The IYU Recreation Reserve is

stores including Coles, Woolworths,

into the area.

currently under construction,

Myer, Kmart, Target, Aldi and a

which, on completion will be

further 320 retailers. The Centre

Cardinia Shire’s premier soccer

also contains the largest state-

venue with an athletics facility to

of-the-art Village Cinemas in the

RESIDENTIAL MARKET CO N D I T I O N S

follow.

region. Adjacent to Fountain Gate

Officer’s residential market is

is a major retailer centre including

still in its relative infancy with

Numerous local soccer, AFL, rugby

Harvey Norman, Rebel Sport,

development only commencing

union, rugby league, basketball

Officeworks, Freedom Furniture

over recent years. An analysis of

netball and equestrian clubs

and Bunnings.

market activity since the release of

(including Officer’s Equinoxe

land in the area for development

Equestrian Centre) are located all

H EALT H

reveals that underlying demand

within a ten to fifteen minute drive

The day to day medical needs

has been particularly strong

from Officer.

of the local community are well

averaging 300 vacant lots per

catered to with a number of

annum.

RE TAIL AM ENI TY

medical centres and general

The retail needs of Officer’s

practitioners all within a ten to

Consistent with all markets in their

residents are serviced by stores

fifteen minute drive from Officer,

infancy average annual median

principally located in neighbouring

including Lakeside Square Medical

price growth has been moderate

Pakenham (between 5 and 10

Centre and Pakenham Family

across both the detached housing

minutes from Officer). Pakenham

Health.

and vacant land markets at

is home to Heritage Springs

2% and 2.7% over the past five

Shopping Village which contains a

The Monash Health Hospital

years. Moving forward, with the

Coles Express, Chemist Warehouse,

located just 15 kilometres from

continued development of the

and 17 additional retail and

Officer is Victoria’s leading

Officer Town Centre and the roll

speciality stores. Pakenham Place

integrated health facility serving

out of the significant programs of

is a slightly larger centre containing

Melbourne’s south-east and

infrastructure investment, rates

a Coles supermarket, Safeway,

greater Victoria. The facility

of average annual median price

Target and 30 speciality retailers.

provides an extensive range of

growth are anticipated to rise.

DECEMBER

2014

SUBURBPROFILE

OFFICER

With the continued development of the Officer Town Centre and with the roll out of the significant programs of infrastructure investment rates of average annual median price growth are anticipated to rise. RE NTAL M AR KET CON DIT IONS Rental data is not yet made available by the Victorian Government for Officer, so, for the purposes of this research we have relied on the broader Cardinia Shire to act as a guide. Median weekly rents of two, three and four bedroom houses have all recorded growth over the past five June quarters. Two bedroom homes have grown by 11%, three bedroom homes by 5% and four bedroom homes by 8%.

HIGH GROSS

RENTAL YIELD

5

%

Current rental market conditions for investors are favourable with the area achieving a high gross rental yield of 5% and a tight vacancy rate of 1.9%. To put this in perspective, a vacancy rate of 3% is considered to be reflective of a balanced market indicating that the area’s rental market may be in a state of undersupply.

DECEMBER

2014

AT A G LA N C E Officer is situated in the south-eastern growth corridor identified by the Victorian State Government as one of the key population and employment expansion centres in the state. The suburb is located in the rapidly growing Cardinia Shire which is undergoing significant growth underpinned by major infrastructure investment. Cardinia Shire is Victoria’s second fastest and Australia’s fourth fastest growing municipality. Officer is currently on the cusp of a major growth phase, it is anticipated that over the next 20 years, Officer will have grown to include 11,000 new dwellings, a population of around 30,000 people and 6,500 new jobs.

LOW VACANCY RATE

1.9

%

A pivotal part of the community’s development is the masterplan for the Officer Town Centre which has already seen construction complete on the new, recently opened Civic Centre which is home to the Cardinia Shire’s Council offices.

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homes occupied by renters. The Pakenham railway line runs through the suburb stopping at Officer Train Station. Travel time to the CBD is around one hour. A number of bus routes service the area connecting it with major retail centres, transit stations and facilities within neighbouring Pakenham. Commensurate with the large numbers of families in the area, is a wide array of preschools, primary and secondary schools to serve the needs of the community. Monash University’s Berwick Campus is located around 20 minutes from Officer. The Berwick Campus is one of Australia’s newest universities which offers a wide variety of courses including business and economics, education, medicine and nursing. The population of Officer has access to a variety of parks, reserves and recreational facilities all which provide the community with a high quality of life. The day to day medical needs of the local community are well catered to with a number of medical centres and general practitioners all within a ten to fifteen minute drive from Officer. The Monash Health Hospital located just 15 kilometres from Officer is Victoria’s leading integrated health facility serving Melbourne’s south-east and greater Victoria. An analysis of market activity since the release of land in the area for development reveals that underlying demand has been particularly strong averaging 300 vacant lots per annum.

Officer is a popular location for families with young children who, at the time of the 2011 Census accounted for almost 60% of the area’s population. A further 23% of the population were comprised of couples with no children at home.

Moving forward, with the continued development of the Officer Town Centre and with the roll out of the significant programs of infrastructure investment rates of average annual median price growth are anticipated to rise.

Rates of home ownership in the area are high, with 27% of the population owning their homes outright and 56% occupying their homes under mortgage tenure. Rental demand is strong with 16% of all

Current rental market conditions for investors are favourable with the area achieving a high gross rental yield of 5% and a tight vacancy rate of 1.9%.