Sunshine’s residential property market is poised to crash through the million-dollar barrier this year after a price record was set at a recent auction.
A renovated five-bedroom California bungalow on Cornwall Road sold for $935,000 on Saturday, February 20 – the highest price ever paid for a Sunshine house, according to Domain Group data.
The Real Estate Institute of Victoria reported a Sunshine North property sold for $945,000 in June last year, making it the highest sale price in the past three years for all of the Sunshine area, including North and West.
Listing agent and auctioneer Branko Lemic said it was likely the million-dollar mark would be reached this year.
“It’s always hard to say, but it won’t be all that long before we see a residential home sell in that range,” he said.
“The market has been on the move for 12-18 months in Sunshine, but an outcome like this further solidifies the area’s growth. It still has plenty of room to grow.
“Many buyers have been, and continue to be, priced out of the surrounding areas of the inner west closer to the city and are looking for good value. Sunshine provides that in droves. A rich history, beautiful period housing, excellent transport hub, diverse shopping … and still only 12 kilometres from the city.”
Mr Lemic said about 100 people attended the February 20 auction, bidding for a property that had been on the market for just four weeks.
“There was a great vibe and excellent energy in the crowd,” he said.
Star Weekly reported in January that Sunshine and neighbouring Albion were tipped as the canny investment buys of this year.
A Real Estate Institute of Victoria spokeswoman said Sunshine offered “very affordable buying”, with a median house price of $530,000 and larger blocks available.
“[The recent Sunshine sale] is well below other sales in the Brimbank area. Homes around Keilor and Taylors Lakes have achieved higher prices in the past three months.
“Last year, a home in Keilor North sold for $1.65 million,” the spokeswoman said.
with Domain
