Sunshine houses are in high demand, new figures reveal.
Data from the Real Estate Institute of Victoria (REIV) show Sunshine was the second-fastest growth suburb in Victoria for the June, 2014, quarter with a 23.2 per cent jump in the March median house price to $539,000.
Sunshine trailed only Toorak, which boasted a 25.1 per cent price rise.
Real estate agent and auctioneer Martin Artigas, from Bells Real Estate Sunshine, said Sunshine’s proximity to the city and the type of houses available had brought buyers flocking to the area.
“We have a lot of period homes in central Sunshine – Victorian, Edwardian, Californian bungalows – which are in high demand and tend to appeal to a lot of inner-city buyers,” he said.
“Compared to some of the more inner-western suburbs, it’s very, very good value for money.”
Mr Artigas said most houses on the market in central Sunshine were sold by auction, with outer Sunshine properties more likely to sell privately.
Recently, a three-bedroom Sunshine weatherboard house with an estimated asking price of $450,000 sold at auction for $562,000.
A three-bedroom weatherboard house in Couch Street, with an estimated selling price of $430,000-plus, sold for $520,000.
Other REIV data reveals Taylors Hill house prices jumped 4.4 per cent to a $517,000 median.
On the flip side, Deer Park properties experienced a 6.7 per cent price slump to $350,000.
Albion, Ardeer, Cairnlea, Keilor, Keilor Downs, Taylors Lakes, Burnside Heights, Albanvale, Kings Park and Derrimut each recorded less than 30 sales in the June quarter.
REIV chief executive Enzo Raimondo said growth across Melbourne had slowed in the June quarter but remained steady.
“It was the city’s middle-ring suburbs, highly sought-after by
buyers priced out of the inner-city, which showed the most substantial house price growth,” Mr Raimondo said.
He said low interest rates and strong investment had helped push Melbourne house and apartment prices to higher levels.
The figures come a month
after real estate website Domain reported Sunshine and Albion units were being rented out for bargain- basement prices.
Domain’s May quarter rental data revealed Albion rental units had a median asking-rent of $220 a week, with Sunshine at $240.
Sunshine was also one of the more affordable Melbourne suburbs in which to buy a unit, with properties selling for about $297,500 (median).
