Pakenham is a large, densely settled suburb in Victoria within the Cardinia local government area (postcode 3810). It is home to about 54,118 residents, with a mix of families and early-career residents and a median age of 33. Households earn a median income of $87K per year, with an average household size of 2.8 people. Recent annual estimates show population movement into the broader catchment, with population growth running at +2.6% year-on-year at the LGA level. VIC employment has moved +0.9% year-on-year in the official Jobs and Skills Australia NERO series, which provides the broader jobs backdrop for this suburb. VIC also had 45 Commonwealth-backed major projects under construction, 17 underway, and 27 in planning as at 2 October 2024, which is useful as a broader delivery backdrop rather than a suburb-specific project count. The most common occupations are technicians & trades, professionals, community & personal service. Employment in the area leans toward healthcare and construction. The top ancestries reported are English, Australian, Scottish.
Pakenham has a median house price of $666,000, which has ticked up by 1.7% year-on-year. Units have a median price of $488,000 (-0.4% YoY). The current median weekly rent is $540. This gives a gross rental yield of approximately 4.2%. The median monthly mortgage repayment is $1,733.
Pakenham is served by 12 schools, including 8 primary, 2 secondary, 2 combined. The average ICSEA score is 1000, which is around the national average of 1,000. Public transport access includes 13 rail stations, 171 bus stops. The crime rate in the Cardinia LGA is moderate at 7,195 incidents per 100,000 population.
On the investment side, The gross rental yield works out to roughly 4.2%, which reads as moderate yield. Property prices are near the state median ($666K/$875K). The price-to-income ratio of 7.7x is considered moderate. House prices have moved +1.7% year-on-year. Population growth of +2.6% year-on-year points to strong growth demand fundamentals. Building approvals have changed +0% year-on-year, indicating steady development activity.