Melbourne’s West is proving a booming property market ideal for investors and savvy young professionals looking for space for growing families and a shrewd return on investment. Sunshine, traditionally home to the Aussie battler is now the go to suburb for young professionals and was recently named by real estate commentator Terry Ryder as an investment hot spot for 2014.
Melbourne boasts Australia's second largest housing market. With escalating prices in the highly sought after inner suburbs, many smart buyers have been pushed to search outside their comfort zones. The hidden secrets of Sunshine, identified by the State Government as a key regional growth centre, coupled with its affordability, fantastic transport links and unprecedented recent infrastructure investment all point to clever buying.
Show me the money!
Recent Real Estate Institute of Victoria (REIV) figures shows Sunshine as the most affordable suburb to buy an apartment. Median apartment prices dropped to $229,000 in December last year. On the other hand, median house prices in and around Sunshine have surged over the last 12 months as buyers are discovering Brimbank. Sunshine’s median house price in June 2013 was $400,000. Now an average 3 bedroom is fetching $445,000 and you can snap up a spacious 4 bedroom for $525,000.
Sunshine also offers some character filled and unique period homes on large blocks. Buyers with growing families are looking to Sunshine for lifestyle choices. Finding character family homes on an affordable large block with an easy commute by road, rail, bus or bicycle to the CBD only 12 km away is gold for those pushed out of the inner city market.
Sunshine Rising is a revitalisation program established by Brimbank City Council to deliver Council’s vision for the Sunshine Town Centre to become one of Melbourne’s great centres and the dynamic capital of Melbourne’s West. Designated as a Metropolitan Activity Centre by Plan Melbourne, Sunshine is strategically positioned as a critical regional centre for the fast growing West, as well as becoming an exciting city centre for the local community.
Living in Sunshine
Astute buyers are getting in now to invest in great properties supported by vibrant retail, leisure, arts and restaurant scenes close by. The foodies will be in paradise with authentic flavours of Asia, the Middle East and Europe around every corner of the city centre. Cheap food abounds with great atmosphere and fast service. Hampshire Road has the best Pho in the West! If you move to Sunshine, don’t miss the annual Pho Fever festival.
Sunshine is a shining star, but wider Brimbank is also seeing great growth. REIV figures show Sydenham homes saw a 10.1 per cent increase in median prices from December 2012 to December last year, Derrimut went up 12.4 per cent, and Kings Park went up 9 per cent.
Or, if Sunshine’s not for you and you are looking for a slice of country close to the city, check out the leafy surrounds, peace and quiet, village atmosphere and gorgeous vistas in Keilor.
Brimbank offers an affordable lifestyle opportunity for everyone. Change your thinking - "Go West, young man."
Get property savvy, go West!
The REIV releases an overview of Melbourne's property market each quarter. For more property data see http://www.reiv.com.au/Property-Research/About-REIV-data.