This article was originally published by EWEN MCRAE via starweekly.com.au on OCTOBER 9, 2017
Median house prices in Sunshine and Albion have gone up an average of 11 per cent a year for the past decade, according to new figures.
Figures from property data analysts CoreLogic show Sunshine and Albion as being the equal second most consistently strong housing market, behind East Melbourne which has grown at 12.5 per cent per year since 2008.
Average growth across Melbourne was 6.6 per cent a year for the past decade, while Brimbank as a whole grew by 8.8 per cent in the same time.
Albion now has a median house price of $651, 250, while Sunshine has grown to a median of $728,000.
Douglas Kay Real Estate Sunshine partner, Adrian Kay, said it was no secret the west was becoming more popular for home buyers looking for a bargain, and Sunshine and Albion were particularly attractive.
“I think with the proximity to the city and the value for money you get for the size of properties makes the area very attractive for buyers,” Mr Kay said.
“Sunshine is one of the central transport hubs of the west, and there’s been significant government investment in infrastructure in the area, so whenever you have growing infrastructure the property market always grow around that.
“We’re also seeing a big growth in investors from Sydney, who look at our proximity to the city and compare it to their market and can see value.”
Unit and land medians have also grown steadily over the past 10 years, though not as quickly as house prices.
While house prices have risen steeply in recent years, Mr Kay said it was likely the market would stay strong for some time.
“It’s always difficult to project too far ahead, but I think the growth is sustainable for a while yet,” he said.
“It feels like we’ve got the right recipe to keep growing, with proximity to the city and facilities in the area. Even though prices are going up there is still value for money.
“Our spring season is absolutely on fire at the moment, lots of buyers on the market and a strong clearance rate so there’s plenty to be excited about.”