Cranbourne vs Hampton Park: $29,960 apart, and the answer turns on whether you build
Cranbourne or Hampton Park — which is better for a Melbourne investor with around $650,000?
Short answer: Cranbourne if you are building a second dwelling, Hampton Park if you are not
These are the two deepest records in our dataset — 67 Cranbourne settlements and 56 Hampton Park settlements, all January 2023 – September 2025. Median purchase prices sit $29,960 apart ($601,040 against $631,000) and median gross yields after works 0.19% apart (5.80% against 5.61%), which is nothing. The decision is made by strategy evidence, not by suburb averages. If your plan is a second dwelling, Cranbourne: 60 of our 67 purchases there were exactly that, against 36 of 56 in Hampton Park, on a median lot 35 sqm larger and at a median price $29,960 lower. If your plan is to buy, refresh and let, Hampton Park: its cosmetic-only median gross yield after works is 5.18% across 20 settlements, against 5.06% across just 6 in Cranbourne. Same money, two different evidence bases.
The answer changes with your situation — here is each one, decided
You are building a granny flat
Cranbourne. 60 second-dwelling additions at a median gross yield after works of 5.82% and a median build spend of $105,000, on a median lot of 650 sqm — 35 sqm larger than Hampton Park's — at $29,960 less on the median purchase price. Hampton Park's equivalent is 36 additions at 5.83%.
You will refresh and let, no build
Hampton Park. 20 cosmetic-only settlements at a median gross yield after works of 5.18%, against 6 at 5.06% in Cranbourne. This is the one place the two suburbs genuinely separate, and it separates on sample depth as much as on the number.
You want the most school choice
Cranbourne, with 11 indexed schools against 6. Hampton Park's strongest secondary result is Hampton Park Secondary College at #280 of 607; Cranbourne's is Lighthouse Christian College Cranbourne at #164.
You want to be closest to a station
Hampton Park is nominally closer to the network — Hallam and Lynbrook stations, Cranbourne/Pakenham lines (about 3 km) — while Cranbourne has Cranbourne station, Cranbourne line inside the suburb itself. In practice Cranbourne is the better-served of the two for a tenant without a car.
The rule this comparison is an instance of
Across 144 granny-flat additions in Cranbourne, Cranbourne North, Hampton Park, Narre Warren (January 2023 – September 2025), the median gross yield after works — weekly rent x 52 divided by purchase price plus works spend — landed between 5.82% and 5.86% in every one of those four suburbs, a 0.04 percentage-point spread, while inside each of those same suburbs the gap between a granny-flat addition and a cosmetic renovation was 0.51 to 1.03 points, across 48 cosmetic-only settlements. In our own record, what the block let us build moved the gross yield more than which suburb we bought in.
Cranbourne and Hampton Park are two of the four suburbs in that frame, and between them they contribute 60 plus 36 of the 144 additions. Their second-dwelling medians — 5.82% and 5.83% — differ by less than the width of a rounding. Their cosmetic-only medians differ by more. The suburb is not the variable; the works are.
Cranbourne vs Hampton Park: what our own settlements record
| Cranbourne | Hampton Park | |
|---|---|---|
| PremiumRea settlements on record | 67 | 56 |
| Settlement window | January 2023 – September 2025 | January 2023 – September 2025 |
| Median purchase price | $601,040 | $631,000 |
| Median weekly rent after works | $810 | $800 |
| Median land size | 650 sqm | 615 sqm |
| Median works spend | $105,000 | $100,750 |
| Median total capital deployedpurchase price + works spend — this is the yield denominator | $710,280 | $711,070 |
| Median gross yield after worksweekly rent × 52 ÷ (purchase price + works spend); gross — excludes land tax, management, insurance, maintenance, vacancy and interest | 5.80% | 5.61% |
| Median purchase price to Nov 2025 valuationa dollar observation against one valuation round over 1–3 year holds, not a growth rate | $77,310 | $71,665 |
| Granny-flat additions (median gross yield after works) | 60 · 5.82% | 36 · 5.83% |
| Rooming-house conversions (median gross yield after works) | 1 · 6.94% | none on record |
| Cosmetic renovation only (median gross yield after works) | 6 · 5.06% | 20 · 5.18% |
Every figure in the settlement columns is recomputed at build time from PremiumRea's published transaction dataset — 345 anonymised settlements, January 2023 – September 2025, CC-BY-4.0, DOI 10.5281/zenodo.20095886. DENOMINATOR: the settlement gross yield is weekly rent × 52 ÷ (purchase price + works spend), verified against all 345 rows — so it is a return on total capital deployed, and dividing the median rent by the median price will not reproduce it. Research-profile columns are market estimates, not settlements, and their implied gross yield is recalculated as weekly rent × 52 ÷ purchase price rather than quoted.
The market-level profile, for context
These are market estimates of typical investor stock, not settlements. The gross yield is recalculated from each profile's own rent and price rather than quoted, so it cannot contradict the two numbers beside it.
| Cranbourne | Hampton Park | |
|---|---|---|
| Typical investor purchase price | $685,000 | $692,000 |
| Typical weekly rent | $724 | $718 |
| Implied gross yieldrecalculated as weekly rent × 52 ÷ purchase price, never quoted | 5.50% | 5.40% |
| Typical land size | 678 sqm | 630 sqm |
Why the granny-flat yields are identical and the cosmetic ones are not
A second dwelling is a manufactured income stream. You add a defined floor area, you let it at a rate set by the local one- and two-bedroom market, and you pay a build cost that varies by site rather than by suburb. Two suburbs four kilometres apart with the same tenant catchment produce the same answer — which is exactly what 5.82% against 5.83% shows.
A cosmetic renovation is not manufactured; it is a bet that the existing dwelling's rent can be lifted. That depends on the age and condition of the stock, and stock differs between suburbs in a way that buildable land does not. Hampton Park's 20-settlement median of 5.18% is the more reliable of the two cosmetic figures on this page simply because 6 settlements cannot support a median.
Land, and the 35 sqm that decides the build
Median land is 650 sqm in Cranbourne and 615 sqm in Hampton Park. Both clear the 300 m² Victorian threshold comfortably, but the working margin after the existing dwelling footprint, private open space and vehicle access is what actually determines whether a compliant 60 m² second dwelling fits — and 35 sqm of median difference is meaningful at that margin.
It is also why 60 of our 67 Cranbourne purchases went down that route against 36 of 56 in Hampton Park. The Cranbourne stock simply presented more sites where the build was straightforward. That is a fact about the lots we bought, not a rule about the suburbs, and any individual Hampton Park block over about 600 m² is likely to behave like a Cranbourne one.
Cost, and what the total capital looks like
Median works spend was $105,000 in Cranbourne and $100,750 in Hampton Park; on the second-dwelling subsets, $105,000 and $105,000. Purchase plus works is the number that matters, and on those medians the two suburbs land within a few thousand dollars of each other — the $29,960 entry-price gap is largely absorbed by the works difference.
The median difference between purchase price and the November 2025 valuation was $77,310 in Cranbourne and $71,665 in Hampton Park, over holding periods of one to three years. We publish those as dollar observations against a dated valuation round rather than as a growth rate, because a growth rate computed over one to three years is not a growth rate anyone should act on.
Location, council and the second-dwelling pathway
| Cranbourne | Hampton Park | |
|---|---|---|
| Postcode | 3977 | 3976 |
| Distance from CBD | 45 km | 43 km |
| Council | City of Casey | City of Casey |
| Rail access | Cranbourne station, Cranbourne line | Hallam and Lynbrook stations, Cranbourne/Pakenham lines (about 3 km) |
| Second-dwelling pathway | Victorian Amendment VC253 applies | Victorian Amendment VC253 applies |
Schools: Cranbourne vs Hampton Park
Primary ranks are 2025 NAPLAN, secondary ranks are 2025 VCE. Our indexed school set covers Victorian schools only, so a NSW column is shown as blank rather than partial.
| Cranbourne | Hampton Park | |
|---|---|---|
| Schools in our indexed set | 11 | 6 |
| Strongest primary (NAPLAN rank) | Cranbourne Primary School · #761/1,285 | St Kevin's School · #779/1,285 |
| Strongest secondary (VCE rank) | Lighthouse Christian College Cranbourne · #164/607 | Hampton Park Secondary College · #280/607 |
Limits of this comparison
Cranbourne's cosmetic-only median rests on 6 settlements and is not a suburb-level figure. Both suburbs' research profiles carry higher purchase prices than our settled medians ($685,000 against $601,040; $692,000 against $631,000), which is what you would expect when the settled figure reflects a specific acquisition brief rather than the whole market. Gross yields are gross: they exclude land tax, management, insurance, maintenance, vacancy and interest. We do not publish days-on-market, vendor-discount or auction-clearance series for any suburb — those come from licensed providers whose terms do not permit redistribution, and we would rather carry a visible gap than an unlicensed number.
Cranbourne vs Hampton Park — frequently asked questions
Is Cranbourne or Hampton Park better for investment if I have $650,000?
Both are inside that budget on our record — median settled prices of $601,040 and $631,000, $29,960 apart. Choose Cranbourne if you are building a second dwelling (60 of our 67 settlements there were, at a median gross yield after works of 5.82%) and Hampton Park if you are not (20 cosmetic-only settlements at a median 5.18%).
Which has higher rental yield, Cranbourne or Hampton Park?
Cranbourne, by 0.19% on the overall median gross yield after works — 5.80% across 67 settlements against 5.61% across 56, all January 2023 – September 2025. That gap is a strategy-mix artefact: 60 of Cranbourne's settlements were second-dwelling additions against 36 of Hampton Park's. Like for like, the two are within a hundredth of a point.
Which suburb is better for a granny flat, Cranbourne or Hampton Park?
Cranbourne, on land and evidence rather than on yield. Median lot 650 sqm against 615 sqm, median purchase $29,960 lower, and 60 second-dwelling additions on record against 36. The median gross yield after works was 5.82% against 5.83% — effectively identical.
How many properties has PremiumRea bought in Hampton Park?
56, settled January 2023 – September 2025, out of 345 published settlements (January 2023 – September 2025). It is our second-deepest single-suburb record after Cranbourne's 67.
What is the median price PremiumRea paid in Cranbourne?
$601,040 across 67 settlements (January 2023 – September 2025), on median land of 650 sqm, with a median works spend of $105,000 and a median rent after works of $810 a week.
Is Hampton Park a good suburb for investors?
On our record it is the strongest cosmetic-only market we hold: 20 settlements at a median gross yield after works of 5.18%, which is the deepest cosmetic sample in any single suburb in the dataset. Its second-dwelling record is also substantial at 36 additions and a median 5.83%.
Which is closer to the Melbourne CBD?
Hampton Park, at about 43 km against Cranbourne's 45 km. Both are in the City of Casey. Hampton Park has Hallam and Lynbrook stations, Cranbourne/Pakenham lines (about 3 km); Cranbourne has Cranbourne station, Cranbourne line.
Do I need a planning permit for a granny flat in Cranbourne?
Not if the lot is over 300 m², sits in the Residential Growth, General Residential or Neighbourhood Residential zone, carries one existing dwelling, and the second dwelling is 60 m² or less — that is the Amendment VC253 exemption. A building permit is always required, and an overlay on the lot can reinstate the planning permit. Our median Cranbourne lot is 650 sqm.
Which suburb has better schools?
Cranbourne on choice, with 11 indexed schools against 6. On 2025 results, Cranbourne's strongest primary is Cranbourne Primary School at #761 of 1,285 and Hampton Park's is St Kevin's School at #779; on VCE, Lighthouse Christian College Cranbourne at #164 of 607 against Hampton Park Secondary College at #280.
What renovation budget should I allow in Hampton Park?
Our median works spend there was $100,750 across 56 settlements, and $105,000 on the 36 that were second-dwelling additions. Those are historical costs on properties we bought between January 2023 – September 2025, not quotes for your site.
Is Cranbourne overbought?
We hold more settlements there than in any other suburb — 67 of 345 — which tells you where our acquisition work concentrated, not whether the market is crowded. What we can say is that across 60 second-dwelling additions in the one suburb, the median gross yield after works was 5.82%, and that figure sits inside the 5.82% to 5.86% band we record across all four frame suburbs.
Should I compare these suburbs on price or on strategy?
On strategy. Their median prices are $29,960 apart and their median gross yields after works 0.19% apart, while inside each of them the difference between a second-dwelling addition and a cosmetic renovation was 0.51 to 1.03 percentage points. The strategy gap is the larger of the two by a wide margin.