Sunshine houses are hot property. New data released by the Real Estate Institute of Victoria (REIV) reveals that Sunshine properties spend a median 38.5 days on the market before being snapped up.
A new “days on market” map on the REIV website shows that Sunshine houses are, on average, selling faster than Melbourne properties, which spend about 42 days on the market.
The map shows that Deer Park houses tend to sell within 39.5 days, St Albans houses in 44 days, Sydenham houses in 47 days, and Keilor houses in 58 days.
Barry Plant Sunshine director Jason Allen says large blocks, the mix of housing styles and Sunshine’s proximity to the CBD are making the suburb an increasingly popular choice among home buyers and investors.
“The market out here is very strong,” he said. “There’s confidence out there amongst developers, investors and home buyers. That has built a pool of demand where we list a new home and there’s five or six buyers ready and waiting.
“The last five months has seen some great excitement in the marketplace.
“It was very strong beforehand, but I think it has revved up in the past five months. I believe it shows no signs of slowing down whatsoever and the New Year will hopefully bring some more excitement.”
For prices, Sunshine was the second-fastest growth suburb in Victoria for the June, 2014, quarter with a 23.2 per cent jump on the March median house price to $539,000.
Sunshine trailed only Toorak, which had a 25.1 per cent price rise.
“These sorts of things build a bit of excitement in the marketplace,” Mr Allen said.
