Sydenham house pricing boom

Tara Murray

The Sydenham property market continues to thrive, with the median house price increasing by more than 22 per cent in the last quarter according to new data.

Real Estate Institute of Victoria data for the June quarter shows the median house price in Sydenham is now $720,000.

Unit prices in Sydenham also increased, up by 8.8 per cent in the three months to June.

Both were well above the metropolitan Melbourne increases of 0.2 per cent and 2.1 per cent respectively, as the housing market slowed.

YPA Sydenham’s chief operations officer, Nancy Crupi, said the new figures didn’t come as much of a surprise.

“There’s a lot of demand in the area,” she said. “It’s all different types of properties too. Units, investment properties and families looking to upsize.

“It’s close to public transport and it’s close to Watergardens. More people are looking to invest in the area.”

Ms Crupi said the Sydenham housing market had experienced growth across the past 12 months.

She said properties in the area were being snapped up quickly and not staying on the market for long.

She said short time on the market and high demand in Sydenham were set to continue, which could result in prices continuing to jump.

While house price growth slowed in metropolitan Melbourne in the last quarter, all but one Brimbank suburb experienced significant price increases.

The median price rose by 13.3 per cent in Burnside Heights, 12.6 per cent in Sunshine West, 9.5 per cent in Albanvale and 7.4 per cent in St Albans.

Taylors Hill was the only suburb where the median price fell, dropping 8.8 per cent in the June quarter.

Ms Crupi said Taylors Hill was an area which suffered big variances in house prices.

“There are two very different price brackets,” she said.

“There’s a lot of properties that might go for about $550,000 and then bigger homes over the $1 million mark.

“What is selling in that quarter will determine the price, rather than a drop in prices. In the last quarter, a lot of cheaper houses sold.”