By Charlene Gatt
SUNSHINE, Sunshine North and Sunshine West are the West’s new property hot spots, according to latest Real Estate Institute of Victoria (REIV) figures.
The REIV’s March 2008 quarterly median figures pit Sunshine North as the biggest mover in the Western suburbs over the past 12 months, with prices jumping 46.9 per cent.
The median house price is now $330,000 – up 7.1 per cent since December 2006.
Sunshine with a 38.8 per cent rise in the same period came in second.
The median house price in Sunshine was $340,000, while Sunshine West (32 per cent) also enjoyed steady growth.
Stockdale and Leggo Sunshine real estate agent David Falcone said block sizes, period-style homes and proximity to the city were the main attractions for house hunters.
“You can by a home for $400,000, maybe under, and be only 15km away from the city. It’s attractive for first home buyers,” he said.
“Central Sunshine has steadily gone up over the past 10 years, it’s never ever slowed down.”
Mr Falcone said many buyers were coming from pricier suburbs in the West, in particular Footscray and Yarraville.
On the other end of the spectrum, Sydenham experienced a sharp 9.1 per cent price decrease over the past quarter, with prices falling $31,000 to $308,000, while Hillside fell 8.5 per cent to $306,500.
Braybrook properties have enjoyed a 46.1 percent increase in the past year – despite falling 1.4 per cent since December 2007.
