Median house prices across the majority of Brimbank suburbs rose in the third quarter of this year with interstate investors significantly pushing up house prices in particular areas, according to a local agent.
Real Estate Institute of Victoria (REIV) released the quarterly median housing prices, which showed sharp price rises in Sunshine North and Sunshine West in the July to September quarter.
Sunshine West recorded a median house price of to $841,000, an increase of 17.2 per cent , while Sunshine North jumped 13.8 per cent from the last quarter to a new median of $859,000.
Tullamarine came in third with a median house price increase of 12.5 per cent to $840,000 followed by Delahey, a 10.5 per cent increase to $754,000, and Taylors Lakes, which recorded a price increase of 10.4 per cent.
Taylors Lakes shared the least affordable median sale prices with Keilor at $1,000,000.
However, Keilor, along with the suburbs of Keilor Lodge and Keilor Downs, saw a median house price drop from the last quarter, recording decreases of -9.7 per cent, -5.2 per cent and -3.7 per cent respectively.
Ray White Sunshine director Marcus Fregonese said the increase in median house prices in Sunshine West and Sunshine North is due to investors from interstate pushing prices up.
“Sunshine West, specifically, we’ve done a fair bit of work there but we’ve seen massive, massive competition at auctions from investors coming from interstate,” Mr Fregonese said.
“Sunshine West and Sunshine North are the two suburbs that they have been targeting…they’ve been getting a lot of traction.
“But it has been undervalued for so many years. It’s a great pocket, it’s a great area. It’s certainly changing.”
Mr Fregonese said investors are drawn to large residential blocks in Sunshine West and Sunshine North as the land size presents options for redevelopment in the future.
Mr Fregonese said interstate investors, especially from Sydney, are drawn to Brimbank due to its close proximity to the city.
“It screams ‘bargain’ to them,” Mr Fregonese said.
