Sunshine house prices rocket

By Tate Papworth

House prices in Sunshine skyrocketed in the final few months of 2019.

The median house price for Sunshine surged 22.2 per cent to $816,000, closing the gap on the Melbourne metro median price of $860,000.

It’s the highest median house price for the suburb since the second quarter of 2018.

Sunshine’s Sweeney Estate Agents director Benny Nguyen said the suburb was starting to cash in on its potential.

“Certainly the central part of Sunshine has skyrocketed, in fact the 3020 postcode in general has gone up considerably,” he said.

“After the election it went crazy. Lots of investors came back … all the positive talk about the future and next few years for Sunshine, it’s helped drive this.

“There’s a lot of people holding back on selling because they’re seeing it rise.

There’s lots of demand, but not as many houses.”

He said those that have put houses on the market have cashed in quickly.

“I listed two properties prior to Christmas last year. One sold in five days and the other sold off mark in one day.

“When you’ve got a suburb that is 12km from the city and have all these major works happening, it’s not hard to see why it was one of the biggest growing suburbs in Melbourne for house prices.”

Across the municipality in St Albans, house prices also grew.

The median house price for the suburb is now $641,000, up 6.8 per cent.

However, prices in Keilor dropped by almost 10 per cent to $912,000.

While the suburb still holds median house prices well above the metropolitan average, many residents have flagged concerns that Melbourne Airport’s third runway could negatively impact their home value.

In October last year several Keilor residents told Star Weekly they were considering selling up because of the runway plans.